allr •• lit ••• Wire Rop •• P.td

BIS

allr •• lit ••• Wire Rop •• P.td.MFRS. OF : STEEL WIRE ROPES, STEEL WIRE ROPE SLINGS, WIRE STRANDS,

STAINLESS STEEL WIRE ROPES & ATDs (REGULATING EQUIPMENT),TRACTION BOND, SECTION INSULATOR ASSEMBLY & ANTICREEP WIRE

Administrative Office & Correspondence Address:2nd Floor, Shiv Ashish Commercial Complex, Plot No. 10,19th Road, Chembur, Mumbai - 400 071. (INDIA)Tel. : (022) 2527 4142/6739 9999

CIN : L45202MH1992PLC067466 E-mail: [email protected] • WEB: www.sswrl.com

ISIISO 9001:2015Certified Company

Date: 5th October'2019

Bombay Stock Exchange LimitedThe Corporate Relationship Department1st Floor, New Trading Ring, Rutanda Building,Phiroze Jeejeebhoy TowersDalal Street,Mumbai - 400001

Dear Sir,

SUB: Soft CoPY of Annual Report- 2018-19- under Regulation 34

With reference to above, please find attached herewith soft copy of Annual Report of theCompany for the financial year 2018-19 in POP.

Form-A is also attached herewith for your reference and record.

Thanking you,

ithful1ye teel Wire Ropes Limited.

REGD. OFFICE & PLANT: 183-184-185, K.I.D.C., VILLAGE OHEKU, TALUKA-KHALAPUR, KHOPOLl-410 202, OIST. RAIGAO, MAHARASHTRA (INDIA)TEL. : (02192) 263547

IIl1r•• lit ••• Wlr. nop•• P.td.MFRS. OF : STEEL WIRE ROPES, STEEL WIRE ROPE SLINGS, WIRE STRANOS,

STAINLESS STEEL WIRE ROPES & ATDs (REGULATING EQUIPMENT),TRACTION BOND, SECTION INSULATOR ASSEMBLY & ANTICREEP WIRE

Administrative Office & Correspondence Address :2nd Floor, Shiv Ashish Commercial Complex, Plot No. 10,19th Road, Chembur, Mumbai - 400 071. (INDIA)Tel. : (022) 25274142/67399999

CIN : L45202MH1992PLC067466 E-mail: [email protected] • WEB: www.sswrl.com

BISISIISO 9001:2015Certifted Company

FORMAFormat of covering letter of the annual audit report to be filled with the Stock Exchange.

PARTICULARS DATA/REMARKS

Shree Steel Wire Ropes Ltd.1. Name of the company

31st March 2019.2. Annual financial statements for the year ended

3. Type of Audit observation Unqualified / Matter ofEmphasis

NIL

4. Frequency of observation - Whether appearedfirst time ./repetitive .Isice howlong period .

NIL

5. To be signed by-

FOf{ SHREE"STEEL W:

• CEO/Managing Director

• CFO

•FOR, KAILASHCHANO JAIN & CO.

Chartered Accountants'• Auditor of the company

•

• Audit Committee Chairman

UD~N !~ J-~5 g'i3=1-3 A-A-AAOR 5 4 ~ 5~~C9-.k No ~r QD511~-~'

REGD. OFFICE & PLANT: 183-184-185, K.I.D.C., VILLAGE DHEKU, TALUKA-KHALAPUR, KHOPOll-410 202, D1ST. RAIGAD, MAHARASHTRA (INDIA)TEl. : (02192) 263547

2018-19ANNUAL

REPORT

th27

Board of Directors :

Manoj Bansidhar Jeswani DIN: 00014509 Chairman & Managing Director

Anil Lachman Sajnani DIN: 00014257 Whole Independent Director

Bhavna Manoj Jeswani DIN: 08201087 Whole Independent Director

Yash Mukesh Vachhani DIN: 07874340 Independent Director

Madhu Sanjay Totlani DIN: 08200689 Independent Director

Mehak Hira Vachhani DIN: 08200623 Independent Director

Compliance Officer :

Manoj B. Jeswani

Practicing Company Secretary :

Rushabh Doshi

Kailash Chand Jain & Co. “Edena” 1st Floor, 97, Maharshi Karve Road,

Near Income Tax Office, Mumbai 400 020.

Tel.: (022) 22009131

Statutory Auditor :

C-101, 247 Park, L.B.S. Marg, Vikhroli (West), Mumbai 400 083.Email: [email protected]

CIN No.: L45202MH1992PLC067466

thNOTICE is hereby given that the Twenty Seventh (27 ) Annual General Meeting of the members of Shree Steel Wire

Ropes Limitedwill be held as scheduled below to transact the following business:

Date- September 30, 2019

Day- Monday

Time- 3:00 P.M.

Place- 183-185,K.I.D.C., Village-Dheku, Taluka-Khalapur, DIST. Raigad, Khopoli-410103

ORDINARY BUSINESS:st1. To receive, consider and adopt the Audited Statements of Profit and Loss Account for the Financial Year ended 31

March, 2019 and the Balance Sheet as on that date and the Reports of the Director's and Auditor's thereon.

2. To re-appoint Mr. Anil Lachman Sajnani (DIN: 00014257), who retires by rotation and is eligible for re-appointment.

3. Appointment of Auditors

To consider and, if thought fit, to pass the following resolution as an Ordinary Resolution:

“RESOLVED THAT pursuant to the provisions of Sections 139, 142 and other applicable provisions, if any, of the

Companies Act, 2013 and the Rules made there under, the appointment of M/s Kailashchand Jain & Co. Chartered

Accountants (Registration No. 112318W), as the Statutory Auditors of the Company at such remuneration as may

be mutually decided, by the Board of Directors of the Company and the Auditors, be and is hereby ratified.”

By Order of the Board of Directors

For Shree Steel Wire Ropes Limited

Sd/-

Mr. MANOJ B. JESWANI Director

rd Date: 23 August, 2019Place: Mumbai

th27 Annual Report 2018-19

2 Shree Steel Wire Ropes Ltd.

NOTES:

1. Statement pursuant to Section 102(1) of the Companies Act, 2013 (“the Act”), relating to the Special Business to be transacted at the Meeting is annexed hereto. The relevant details as required under Regulation 36(3) of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (“SEBI Listing Regulations”) and Secretarial Standards on General Meetings issued by the Institute of Company Secretaries of India, of the person seeking appointment/ re-appointment as Director under Item Nos. 2 of the Notice is also annexed.

2. A MEMBER ENTITLED TO ATTEND AND VOTE AT THE MEETINGIS ALSO ENTITLED TO APPOINT ONE OR MORE PROXIES TO ATTEND AND VOTE ON A POLL ONLY INSTEAD OF HIMSELF AND THE PROXY NEED NOT BE A MEMBER.

A proxy form duly completed and stamped, must reach the registered office of the Company not less than 48 hours before the time for holding the aforesaid meeting.

3. Members/Proxies should bring the attendance slip sent herewith duly, filled in for attending the meeting. You are requested to bring the copy of Annual Report sent to you.

4. The register of members and the share transfer books of the company will remain closed from 23rd September, 2019 to 30th September, 2019 (both days inclusive) in connection with the Annual General Meeting.

5. SEBI has decided that securities of listed companies can be transferred only in dematerialized form from 5th December 2018. In view of the above and to avail various benefits of dematerialization, members are advised to dematerialize shares held by them in physical form.

6. Members seeking any information on the Accounts are requested to write to the Company, which would reach the company at least one week before the meeting so as to enable the management to keep the information ready. Replies will be provided only at the meeting.

7. Members are requested to send all transfer deeds, share certificates and other correspondence relating to registration of transfers, transmission endorsement of payment of allotment moneys etc. to the Registrar & Share Transfer Agents i.e.

LINK INTIME PRIVATE LIMITED (Formerly Known as In Time Registry Limited)C-101, 247 Park, L.B.S. Marg, Vikhroli (West), Mumbai 400 083.

8. As per the Listing Agreement, particulars of Directors who proposed to be re-appointed is furnished below:

Item No 2

1. Name of Director Mr. Anil L. Sajnani (DIN: 00014257)

2. Date of Birth (Age) 13/01/1973 (46 Years)

3. Nationality Indian

4. Expertise Specialized in Sale and Finance has 21 years experience

5. Relationship with other Directors and KMP Nil

6. No. of shares held in the Company 57165

7. Date of Appointment 16/07/1997

8. Qualification Graduate

9. Name of the Company where he is director 1. Basant Rubber Factory Pvt. Ltd. 2. Opa Hospitality Pvt. Ltd. 3. Bholenath Developers Limited 4. Mitha Estates Pvt. Ltd.

10. Memberships/Chairmanships of Committees NA of other public Companies (includes only Audit Committee & Stake holder's Relationship Committee)

9. Members are requested to bring their copy of the Annual Report at the meeting.

10. Members holding shares in electronic form may please note that their bank details as furnished by the respective

depositories to the company will be printed on their dividend warrants as per the applicable regulation of the depositories

and the company will not entertain any direct request from such members for change/ deletion in such bank details.

Further instruction if any already given by them in respect of shares held in physical form will not be automatically

applicable to the dividend paid on shares held in electronic form. Members may give instruction regarding bank accounts

in which they wish to receive dividend to their depository participants.

3th27 Annual Report ~ 2018-19

11. Members holding shares in electronic form are requested to intimate immediately any change in their address or bank

mandates to their Depository Participants with whom they are maintaining their demat accounts. Members holding

shares in physical form are requested to advise any change in their address or bank mandates immediately to the

Company/Link Intime.

12. The Securities and Exchange Board of India (SEBI) has mandated the submission of PAN by every participant in

securities market. Members holding shares in electronic form are therefore requested to submit their PAN to their

Depository Participants with whom they are maintaining their demat accounts. Members holding shares in physical form

can submit their PAN to the Company/Link Intime.

Procedure / Instructions for e-voting are as under: In case of members receiving e-mail:

(i) If you are holding shares in Demat form and had logged on to www.evotingindia.com and casted your vote earlier for

EVSN of any Company, then your existing login id and password are to be used.

(ii) Log on to the e-voting website www.evotingindia.com

(iii) Click on “Shareholders” tab to cast your vote

(iv) Now, select the Electronic Voting Sequence Number-"EVSN" along with "COMPANY NAME" from the drop down menu

and click on "SUBMIT"

(v) Now, fill up the following details in the appropriate boxes:

For Members holding shares For Members holding shares in Demat Form in Physical Form

User ID For NSDL: 8 Character DP ID Folio Number registered with the Company

Followed by 8 Digits Client ID

For CDSL: 16 digits beneficiary ID

PAN* Enter your 10 digit alpha-numeric *PAN issued by Income Tax Department when prompted by the system while e-voting (applicable for both demat shareholders as well as physical shareholders)

DOB# Enter the Date of Birth as recorded in your demat account or in the company records for the said demat account or folio in dd/mm/yyyy format.

Dividend Enter the Dividend Bank Details as recorded in your demat account or in the company Bank Details# records for the said demat account or folio.

*Members who have not updated their PAN with the Company/Depository Participant are requested to use the <AABCS4276J > in the PAN field.

# Please enter any one of the details in order to login. In case either of the details are not recorded with the depository please enter the in the Dividend Bank details field.

(vi) After entering these details appropriately, click on “SUBMIT” tab.

(vii) Members holding shares in physical form will then reach directly the EVSN selection screen. However, members holding

shares in demat form will now reach 'Password Creation' menu wherein they are required to mandatorily enter their login

password in the new password field. The new password has to be minimum eight characters consisting of at least one

upper case (A-Z), one lower case (a-z), one numeric value (0-9) and a special character(@ # $ %& *). Kindly note that this

password is to be also used by the demat holders for voting for resolutions of any other company on which they are

eligible to vote, provided that company opts for e-voting through CDSL platform.

It is strongly recommended not to share your password with any other person and take utmost care to keep your

password confidential.

(viii) Click on the relevant EVSN on which you choose to vote.

(ix) On the voting page, you will see Resolution Description and against the same the option "YES/NO" for voting. Select the

option YES or NO as desired. The option YES implies that you assent to the Resolution and option NO implies that you

dissent to the Resolution.


(x) Click on the "Resolutions File Link" if you wish to view the entire Resolutions.

(xi) After selecting the resolution you have decided to vote on, click on "SUBMIT". A confirmation box will be displayed. If you

wish to confirm your vote, click on "OK", else to change your vote, click on "CANCEL" and accordingly modify your vote.

(xii) Once you "CONFIRM" your vote on the resolution, you will not be allowed to modify your vote.

(xiii) Institutional shareholders (i.e. other than Individuals, HUF, NRIetc.) are required to log on to

https://www.evotingindia.co.in and register themselves, link their account(s) which they wish to vote on and then cast

their vote. They should upload a scanned copy of the Board Resolution /Authority letter in PDF format in the system for

the scrutinizer to verify the same. Further, they are requested to send the scanned copy of the Board

Resolut ion/Authori ty letter to the email id of the Scrut inizer (r.doshi87@gmail .com), RTA

([email protected]) and Company ( [email protected])

In case of members receiving the physical copy:

(A) Please follow all steps from sl. no. (i) to sl. no. (xiii) above to cast vote.

(B) The voting period begins on 27th September, 2019 (9.00 a.m.) and ends on 29th September, 2019 (5.00 p.m.).

During this period shareholders' of the Company, holding shares either in physical form or in dematerialized form, as

on the cut-off date (record date) of 22nd September,2018, may cast their vote electronically. The e-voting module

shall be disabled by CDSL for voting thereafter.

(C) In case you have any queries or issues regarding e-voting, you may refer the Frequently Asked Questions ("FAQs")

and e-voting manual available at www.evotingindia.co.in under help section or write an email to

[email protected].

Mr. Rushabh Doshi, Company Secretary( A24406) has been appointed as the Scrutinizer to scrutinize thee- voting process in

afair and transparent manner.

The scrutinizer shall within a period of not exceeding three working days from the conclusion of the e-voting period unblock

the votes in the presence of at least two witnesses not in employment of the Company and make a scrutinizer's report of the

votes cast in favour or against, if any, forthwith to the Chairman of the Company.

The results of the e-voting along with the scrutinizer's report shall be placed in the Company's website www.sswrl.com and

on the website of CDSL within two days of passing of the resolution at the AGM of the Company. The results will also be

communicated to the stock exchange where the shares of the Company are listed.

By Order of the Board of Directors

For Shree Steel Wire Ropes Limited

Sd/-

Mr. MANOJ B. JESWANI Director

rd Date: 23 August, 2019Place: Mumbai


Board’s Report

To,The Members,Shree Steel Wire Ropes Limited

Your Directors have pleasure in submitting their Twenty Seventh Annual Report of the Company together with the Audited Statements of Accounts for the year ended 31st March, 2019.

1. Financial Results The Company's financial performance for the year under review along with previous year figures are given hereunder:

For the Year Ended For the Year Endedst st 31 March 2019 (`) 31 March 2018 (`)

I. Income

II. Revenue from operations (inclusive of Excise Duty & GST) 180,802,837 132,859,784

III. Other income 745,487 2,716,120

Total Income (I + II) 181,548,324 135,575,904

IV. Expenditure

Cost of materials consumed 106,514,094 79,578,247

Excise Duty - 3,054,586

Goods & Service Tax / Sales Tax 27,590,337 19,084,297

Changes in inventories of finished goodsand work-in- progress 703,733 (4,319,139)

Employees benefits expense 20,102,464 14,748,273

Finance costs 144,976 144,379

Other expenses 15,426,730 12,090,014

Total Expenses 170,482,334 124,380,657

V. Profit before Depreciation,Prior period expense & tax 11,065,990 11,195,247

VI. Prior period expenses - (739,267)Sales Tax Assessment dues- Prior Period

VII. Profit before Depreciation & Tax 11,065,990 10,455,980

Depreciation 1,606,893 1,364,393

IX. Profit before Tax (VII - VIII) 9,459,097 9,091,587

X. Tax Expenses

Current Tax 2,450,000 2,500,000

Prior Period Taxes (20,030) (253,759)

Deferred tax 2,457,791 (26,000)

XI. Profit after Tax (IX - X) 4,571,336 6,871,346

The Company has adopted Indian Accounting Standard (IND AS) notified by the Ministry of Corporate Affairs with effect from April, 2017 and accordingly these financial results have been prepared in accordance with the recognisation and measurement principles laid down in the IND AS 34 Interim Financial Reporting prescribed under Section 133 of the Companies Act, 2013 read with relevant rules issued there under and other accounting principles generally accepted in India.


2. Dividend

The Board of Directors has not recommended Dividend for the financial year 2018-2019.

3. Company's Business Performance

Sales Income (Gross) for the year ended 31st March, 2019 amounted to Rs. 180,802,837/- as against Rs. 132,589,784/-

for the previous year.

4. Business Overview

The Company is engaged in manufacturing of Wire Rope, Wire Rope Allied Products and Railway OHE products. The

management review is presented separately in the annual report.

5. Material changes and commitment if any affecting the financial position of the Company occurred between the

end of the financial year to which this financial statements relate and the date of the report

No material changes and commitments affecting the financial position of the Company occurred between the end of the

financial year to which this financial statements relate on the date of this report.

6. Conservation of energy, technology absorption, foreign exchange earnings and outgo

The information pertaining to conservation of energy, technology absorption, Foreign exchange Earnings and outgo as

required under Section 134 (3)(m) of the Companies Act, 2013 read with Rule 8(3) of the Companies (Accounts) Rules,

2014 is furnished in Annexure “C” and is attached to this report.

7. Policy developed by the Company on its Corporate Social Responsibility (CSR)

Your Company has constituted a Corporate Social Responsibility Committee, though the Company does not fall within

the criteria to contribute towards the CSR policy.

8. Deposits

Your Company had not accepted the deposits from the public as per Section 74 of Companies Act, 2013 read with Rule

20 of the Companies (Acceptance of Deposits) Rules, 2014.

9. Loans, Guarantees or Investments made under section 186 of the Companies Act, 2013

The details of the Loans, Guarantees or Investments made under Section 186 of the Companies Act, 2013 by the

Company, to other Body Corporate or persons are given in notes to the financial statements.

10. Related Party Contracts & Arrangements

All related party transactions that were entered into during the financial year were on an arm's length basis and were in

the ordinary course of business. There are no materially significant related party transactions made by the Company

with Promoters, Directors, Key Managerial Personnel or other designated persons which may have a potential conflict

with the interest of the Company at large. Accordingly, the disclosure of Related Party Transactions as required under

Section 134(3)(h) of the Companies Act, 2013 in Form AOC-2 is not applicable.

All Related Party Transactions are placed before the Audit Committee as also the Board for approval Disclosures

pursuant to Accounting Standards on related party transactions have been made in the notes to the Financial

Statements.

11. Subsidiaries, Joint Ventures and Associate Companies

The Company does not have any Subsidiary, Joint venture or Associate Company.

12. Corporate Governance

As per the Regulation 27(2) of SEBI (SEBI (Listing Obligation and Disclosure Requirement) Regulation, 2015 and

Disclosure Requirements), 2015, it is not mandatory for the Company to attach a separate Corporate Governance

report as Annexure to the Boards' Report.

13. Corporate Social Responsibility

As per section 135 of the Companies Act, 2013 corporate social responsibility is not applicable to company.


14. Particulars of Employees

The information required in accordance with Section 197 (12) of the Companies Act, 2013 read with Rule 5(1) of the

Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014. Further, the Company has no

person in its employment drawing salary of Rs. 60 lakhs per annum or Rs. 5 lakhs per month as defined under the

provisions of Section 197 of the Companies Act, 2013, read with Rule 5(2) and 3 of the Companies (Appointment and

Remuneration of Managerial Personnel) Rules, 2014.

15. Extract of Annual Return

The extract of Annual Return (MGT–9) pursuant to the provisions of Section 92 read with Rule 12 of the Companies

(Management and administration) Rules, 2014 is furnished in Annexure -A and is attached to this Report.

As per Rule 8A (1)(a) of Companies (Accounts) Amendment Rules, 2018 the Company shall disclose the Web Address,

if any, where Annual Return referred to in Sub-Section (3) of Section 92 of the Companies Act, 2013 has been placed at

the Company's Website www.sswrl.com

16. Number of Board Meetings conducted during the year under review

th th thDuring the financial year 2018-19, Five (5) Board Meetings were held on 30 May, 2018, 14 August, 2018, 14 th thNovember, 2018, 14 February, 2019 and 28 February, 2019. The Board Meetings were held in compliance with the

Companies Act, 2013. The gap between any two meetings did not exceed 120 days.

17. Directors Responsibility Statement

In accordance with the provisions of Section 134(5) of the Companies Act, 2013 the Board hereby submits its

Responsibility Statement:-

a) in the preparation of the annual accounts, the applicable accounting standards had been followed along with proper

explanation relating to material departures;

b) the Directors had selected such accounting policies and applied them consistently and made judgments and

estimates that are reasonable and prudent so as to give a true and fair view of the state of affairs of the Company at

the end of the financial year and of the profit and loss of the Company for that period;

c) the Directors had taken proper and sufficient care for the maintenance of adequate accounting records in

accordance with the provisions of this Act for safeguarding the assets of the Company and for preventing and

detecting fraud and other irregularities;

d) the Directors had prepared the annual accounts on a going concern basis; and

e) the Directors had laid down internal financial controls to be followed by the Company and that such internal financial

controls are adequate and were operating effectively; and

f) the Directors had devised proper systems to ensure compliance with the provisions of all applicable laws and that

such systems were adequate and were operating effectively.

18. Disclosure under section 164(2) of the Companies Act, 2013

The Company has received the disclosure in Form DIR – 8 from its Directors being appointed or re-appointed and has

noted that none of the Directors are disqualified under Section 164(2) of the Companies Act, 2013 read with Rule 14(1)

of Companies (Appointment and Qualification of Directors) Rules, 2014.

19. Declaration of Independent Directors

The Independent Directors submitted their disclosures to the Board that they fulfil all the requirements as stipulated in

Section 149(6) of the Companies Act, 2013 so as to qualify themselves to be appointed as Independent Directors under

the provisions of the Companies Act, 2013 and the relevant rules as per the SEBI (Listing Obligation and Disclosure

Requirement) Regulation, 2015.

20. Evaluation of the Board's Performance

In compliance with the requirements of Section 134(3) (p) of the Companies Act, 2013 and Regulation 25 of the SEBI

(Listing Obligation and Disclosure Requirement) Regulation, 2015, the performance of the Board was carried out

during the year under review. The Board was evaluated for its performance based on the following factors:


i. Attendance of Board Meetings and Committees;

ii. Contribution made to the Board discussions and future planning;

iii. Level of commitment to the stakeholders' interest;

iv. Initiatives towards the growth of the business and profitability;

v. Providing outlook, view points and feedback taking the Company ahead beyond expectations.

21. Company's policy relating to Directors appointment, payment of remuneration and discharge of their duties

The Board has framed a Policy relating to appointment of Directors, payment of Managerial remuneration, Directors'

qualifications, positive attributes, independence of Directors and other related matters as provided under Section 178

(3) of the Companies Act, 2013 based on the recommendation of Nomination and Remuneration Committee.

22. Directors and Key Managerial Personnel information

Retirement by Rotation

In accordance with the provisions of the Companies Act, 2013, Mr. Anil Lachman Sajnani's (DIN: 00014257)

re- appointment has been included in the Notice convening the Annual General Meeting of the Company.

23. Secretarial Audit

In accordance with the provisions of Section 204 of the Companies Act, 2013 read with Rule 9 of The Companies

(Appointment and Remuneration of Managerial Personnel) Rules, 2014, the Company has got the Secretarial Audit

conducted from the Practicing Company Secretary.

A Secretarial Audit Report issued by Ms. Nisha Uchil, Company Secretaries, in Form MR - 3, in respect of the secretarial

audit of the Company for the financial year ended 31st March 2019, is furnished and attached to this Report.

24. Auditors

Pursuant to the provisions of Section 139(1) of the Companies Act, 2013 and the Companies (Audit and Auditors)

Rules, 2014, M/s. Kailashchand Jain & Co., Chartered Accountants (Registration No. 112318W) are appointed as th thStatutory Auditors for a period of Five years from the conclusion of 26 Annual General Meeting held on 29 September,

st2018 until the conclusion of 31 Annual General Meeting of the Company to be held in the year 2023.

The Company has received necessary certificate from Auditors pursuant to Section 139 and 141 of the Companies Act,

2013 regarding their eligibility for appointment.

25. Cost Auditors

The Company is not required to maintain cost records as per the Companies (Cost Records and Audit) Amendments

Rules, 2014 as the turnover of the Company for the preceding financial year 2017-18 was less than Rupees 35 Crores.

26. Auditors Report

The notes to accounts referred to in the Auditor's Report are self-explanatory and, therefore, do not call for any further

comments.

27. Explanation or comments on qualifications, reservations or adverse remarks or disclaimers made by the

Auditors and the Practicing Company Secretary in their reports

As per the Auditors observation we hereby clarify that we have given Loans and advances only to gain high interest rate

and it has been given to the known party, further we are not changing the nature of business.

28. Nomination & Remuneration Policy

The Board of Directors of the Company has, on recommendation of the Nomination & Remuneration Committee,

framed and adopted a policy for selection and appointment of Directors, Senior Management and their remuneration.

29. Disclosure of Composition of Audit Committee and providing Vigil Mechanism

Your Company has constituted an Audit Committee as required under Section 177 of the Companies Act, 2013 and has

also established Vigil Mechanism for their employees and Directors to report their genuine concerns or grievances. The

Board has accepted all the recommendations of the Audit Committee during the year under review as and when

brought to their notice.


30. Listing

Your Company's Equity Capital is listed on the Bombay Stock Exchange. The Company confirms that it has paid annual

listing fees due to these stock exchanges for the year 2018-2019 and has been diligent in observing all the compliances

as stipulated in the SEBI (Listing Obligation and Disclosure Requirement) Regulation, 2015.

31. Depository System

Your Company has entered into agreement with the National Securities Depository Limited as well as the Central

Depository Services (India) Limited (CDSL) to enable shareholders to hold shares in a dematerialized form. The

Company also offers simultaneous dematerialization of the physical shares lodged for transfer.

32. Internal Control System

Your Company continuously invests in strengthening its internal control processes and has appointed M/s K. C. Jain

Kala and Co., Chartered Accountants, (Firm Registration No. 112159W) as the Internal Auditors of the Company. The

Company has put in place as adequate system of internal control commensurate with its size and nature of business.

The systems provide a reasonable assurance in respect of providing financial and operational information, complying

with applicable statutes, safeguarding of assets of the Company and ensuring compliance with corporate policies.

Audit Committee periodically reviews the performance of internal audit system.

The Audit Committee reviews adherence to internal control systems and internal audit reports. Further, the Board

annually reviews the effectiveness of the Company's internal control system.

33. Shares

a) Buy Back of Securities

The Company has not bought back any of its securities during the year under review.

b) Sweat Equity

The Company has not issued any Sweat Equity Shares during the year under review.

c) Bonus Shares

No Bonus Shares were issued during the year under review.

d) Employees Stock Option Plan

The Company has not provided any Stock Option Scheme to the employees

34. Acknowledgements

Your Directors sincerely appreciate the high degree of professionalism, commitment and dedication displayed by the

employees at all levels. Your Directors also wish to place on record their gratitude to the shareholders for their continued

support and confidence.

For and on Behalf of the BoardFor Shree Steel Wire Ropes Limited

Sd/-

Mr. MANOJ B. JESWANI Chairman & Managing Director

Place: Mumbai rd Date: 23 August, 2019

Annexure “A” to Director's Report - Form No. MGT-9stExtract of Annual Return as on the Financial Year ended 31 March, 2019

[Pursuant to section92(3) of the Companies Act-2013 and Rule 12(1) of the Companies

(Management and Administration) Rules, 2014]

I. REGISTRATION AND OTHER DETAILS :

i. CIN L45202MH1992PLC067466th ii. Registration Date 29 JUNE, 1992

iii. Name of the Company SHREE STEEL WIRE ROPES LIMITED

iv. Category/Sub-Category Company Limited By Shares/Indian Non-government Company

of the Company

v. Address of the Registered office Gat No. 183/184 Kedia Indust. Area, Village Dheku, Tal. Khalapur.

and contact details Dist Raigad, Khopoli Maharashtra 410 203. E: [email protected]

vi. Whether listed company Yes

vii. Name, Address and Contact details Link Intime India Pvt. Ltd

of Registrar and Transfer Agent, C-101, 247 Park, L.B.S. Marg, Vikhroli (West),

if any Mumbai 400 083. E-mail: [email protected]

II. PRINCIPAL BUSINESS ACTIVITIES OF THE COMPANY

All the business activities contributing 10% or more of the total turnover of the company shall be stated:-

Sr.No. Name and Description of NIC Code of the % to total turnover

main products/ services Product/ service of the company

1. WIRE ROPES 25993 52.33%

2. PULLEY ASSEMBLEY 30205 47.67%

III. PARTICULARS OF HOLDING, SUBSIDIARY AND ASSOCIATE COMPANIES

Sr.No. Name And Address CIN/GLN Holding/ Subsidiary %of shares Applicable

of the Company /Associate held Section

1. N.A N.A N.A N.A N.A

IV. SHARE HOLDING PATTERN (Equity Share Capital Breakup as percentage of Total Equity)

i. Category-wise Share Holding

Category of No. of Shares held at the No. of Shares held at the % Change

Share Holders beginning of the year (i.e. 1/4/2018) end of the year (i.e 31/3/2019) during year

Demat Physical Total % of Total Demat Physical Total % of Total

Shares Shares

A. Promoter 1) Indian

a) Individual/ HUF 421310 - 421310 12.73 478475 - 478475 14.45 1.72%

b) Central Govt - - - - - - - - -

c) State Govt(s) - - - - - - - - -

d) Bodies Corp 490560 - 490560 14.81 490560 - 490560 14.81 0%

e) Banks/FI - - - - - - - - -

f) Any Other - - - - - - - - -

Sub-total(A)(1):- 911870 - 911870 27.54 969035 - 911870 29.26 1.72%



Category of No. of Shares held at the No. of Shares held at the %Change Share Holders beginning of the year(i.e 1/4/2018) end of the year (i.e 31/3/2019) during year

Demat Physical Total % of Total Demat Physical Total % of Total Shares Shares

2) Foreign

g) NRIs-Individuals - - - - - - - - -

h) Other-Individuals - - - - - - - - -

i) Bodies Corp. - - - - - - - - -

j) Banks / FI - - - - - - - - -

k) Any Other - - - - - - - - -

Sub-total(A)(2):- 911870 911870 27.54 969035 969035 29.26 1.72%

B. Public Shareholding

1) Institutions

a) Mutual Funds - - - - - - - - -

b) Banks / FI - - - - - - - - -

c) Central Govt - - - - - - - - -

d) State Govt(s) - - - - - - - - -

e) Venture Capital - - - - - - - - -

Funds

f) Insurance Cos. - - - - - - - - -

g) FIIs - - - - - - - - -

h) Foreign Venture - - - - - - - - -

Capital Funds

Others (specify) - - - - - - - - -

Sub-total(B)(1) - - - - - - - - -

2) Non Institutions

a) Bodies Corp. 28366 29400 57766 1.75 17292 29400 46692 1.41 -0.34

i) Indian

ii) Overseas

b) Individuals

i) Individual 620848 477899 1098747 33.18 654313 453889 1108202 33.47 0.29 shareholders holding

nominal share

capital upto `2 lakh

ii) Individual 508539 - 508539 15.36 447163 - 447163 13.50 -1.86 shareholders holding

nominal share capital

in excess of `2 lakh

c) Others(Specify) 28649 70 28719 0.86 21625 70 21695 0.66 -0.20

Non Resident 1125 700000 701125 21.17 2555 700000 702555 21.21 0.04 Indians

Clearing Members 4724 - 4724 0.14 16148 - 16148 0.49 0.35

Sub-total(B)(2) 1192251 1207369 2399620 72.46 1159096 1183359 2342455 70.74 0

Total Public 1192251 1207369 2399620 72.46 1159096 1183359 2342455 70.74 0 Shareholding (B)=(B)(1)

+ (B)(2)

C. Shares held by Custo- - - - - - - - -

dian for GDRs & ADRs

Grand Total (A+B+C) 2098521 1212969 3311490 100.00 2104121 1207369 3311490 100.00 0%


ii. Shareholding of Promoters

Sr. Shareholder’s Shareholding at the beginning Shareholding at the end of % Changest st No. Name of the year (i.e. 1 April, 2018) the year (i.e. 31 March, 2019) during year

No. of % of Total % of Total No. of % of Total % of Total Shares Shares of the Shares Pledged/ Shares Shares of the Shares Pledged/ Company encumbered Company encumbered to total shares to total shares

1. Bholenath Developers Ltd 490560 14.81 - 490560 14.81 - 0%

2. Chandru Ramchand Chawla 299280 9.05 - 299280 9.05 - 0%

3. Manoj Bansidhar Jeswani 79260 2.39 - 79260 2.39 - 0%

4. Vinod Chandru Chawla 39200 1.18 - 39200 1.18 - 0%

5. Manisha Vinod Chawla 3570 0.11 - 3570 0.11 - 0%

6. Anil Lachman Sajnani - - - 57165 1.72 - 1.72%

Total 911870 27.54 - 969035 29.26 - 1.72%

iii. Change in Promoters' Shareholding (please specify ,if there is no change

Shareholding at the Cumulative Shareholding beginning of the year during the year

No. of % of Total No. of % of Total Shares Shares of Co. Shares Shares of Co.

At the beginning of the year 0 0 911870 27.54

Date wise Increase/Decrease in Promoters 57165 1.72 57165 1.72

Share holding during the year specifying

the reasons for increase/decrease

(e.g. allotment/transfer/bonus/sweat equity etc):

At the End of the year 57165 1.72 969035 29.26

iv. Shareholding Pattern of top ten Shareholders

(other than Directors, Promoters and Holders of GDRs and ADRs)

Sr. Shareholding at the Cumulative Shareholding at the end No. beginning of the year(April 1, 2018) of the year (March 31, 2019)


1. Mahendra Bhojwani 700000 21.14 700000 21.14

2. Surendra Ratilal Parikh 128177 3.87 128177 3.87

3. Urvashi Surendra Parikh 49700 1.50 49700 1.50

4. Hitesh Ramji Jhaveri 164597 4.97 164597 4.97

5. Deepak Kanhailal Shah 33000 0.99 30000 0.91

6. Abhay Harilal Shah 33250 1.00 30709 0.93

7. Abhaykumar Harilal Shah 21980 0.66 21980 0.66

8. Babalbhai Manilal Patel 20670 0.62 18670 0.56

9. Jitendra Ratilal Parikh 17500 0.52 17500 0.52

10. Ashokkumar B. Patel - - 22000 0.66


v. Shareholding of Directors and Key Managerial Personnel:

Sr. Shareholding at the Cumulative Shareholding at the No. beginning of the year (April 1, 2018) end of the year (March 31, 2019)


Nil Nil Nil Nil

V. INDEBTEDNESS

Indebtedness of the Company including interest outstanding/accrued but not due for payment

Secured Loans Unsecured Deposits Total excluding deposits Loans Indebtedness

Indebtedness at the beginning of the financial year

i) Principal Amount 2,016,160 N.A. N.A. 2,016,160 ii) Interest due but not paid - N.A. N.A. - iii) Interest accrued but not - N.A. N.A. -

Total(i+ii+iii) 2,016,160 – – 2,016,160

Change in Indebtedness during the financial year

- Addition - N.A. N.A. - - Reduction 830,984 N.A. N.A. 830,984

Net Change -830,984 – – -830,984

Indebtedness at the end of the financial year

i) Principal Amount 1,185,176 N.A. N.A. 1,185,176 ii) Interest due but not paid - N.A. N.A. - iii) Interest accrued but not due - N.A. N.A. -

Total (i+ii+iii) 1,185,176 – – 1,185,176

VI. REMUNERATION OF DIRECTORS AND KEY MANAGERIAL PERSONNEL

A. Remuneration to Managing Director, Whole-time Directors and/or Manager

Sr. Particulars of Remuneration Name of Managing Director Total Amount

1. Mr. MANOJ JESWANI

Gross salary

a) Salary as per provisions contained 3,900,000 3,900,000

insection17(1) of the Income-tax Act 1961

b) Value of perquisites u/s - -

17(2)Income-tax Act,1961

c) Profits in lieu of salary under section

17(3)Income- taxAct,1961

2. Stock Option - -

3. Sweat Equity - -

4. Commission - -

- as% of profit

- others, specify…

5. Others, please specify - -

6. Total(A) 3,900,000 3,900,000

Ceiling as per the Act - -



1. Mr. ANIL SAJNANI

Gross salary







2. Stock Option - -

3. Sweat Equity - -

4. Commission - -

- as% of profit



6. Total(A) 1,453,333 1,453,333



1. Mrs. BHAVNA JESWANI

Gross salary







2. Stock Option - -

3. Sweat Equity - -

4. Commission - -

- as% of profit



6. Total(A) 1,090,000 1,090,000



B. Remuneration to other directors:

Sr. Particulars of Remuneration Name of MD / WTD / Manager Total Amount

Independent Directors - -

· Fee for attending board committee meetings

· Commission

· Others, please specify

Total(1) - -

Other Non-Executive Directors - -

Fee for attending board committee meetings

· Commission

· Others, please specify

Total(2) - -

Total(B)=(1+2) - -

Total Managerial Remuneration - -

Overall Ceiling as per the Act - -

C. Remuneration to Key Managerial Personnel other than MD/Manager/WTD

Sr. Particulars of Remuneration Key Managerial Personnel

CEO Company CFO Total Secretary

1. Gross Salary

a) Salary as per provisions contained 15,000 15,000

in section17(1)of the Income-tax Act,1961

b) Value of perquisites - -

u/s 17(2)Income-tax Act,1961



2. Stock Option - - - -

3. Sweat Equity - - - -

4. Commission - - - -

- as% of profit


5. Others, please specify - - - -

6. Total - 15,000 - 15,000

VII. PENALTIES/PUNISHMENT/COMPOUNDINGOFOFFENCES:

Type Section of the Brief Details of Penalty/ Authority Appeal Companies Act Description Punishment / Compo- (RD/NCLT/ made if any unding fees imposed Court) (give details)

A. CompanyPenaltyPunishment Not ApplicableCompounding

B. DirectorsPenaltyPunishment Not ApplicableCompounding

C. Other Officers in DefaultPenaltyPunishment Not ApplicableCompounding


Annexure “B” to Directors' Report - Form No. MR-3

SECRETARIAL AUDIT REPORTFOR THE FINANCIAL YEAR ENDED MARCH 31, 2019

[Pursuant to section 204(1) of the Companies Act, 2013 and Rule No. 9 of the Companies (Appointment and Remuneration

of Managerial Personnel) Rules, 2014]

To,

The Members of

SHREE STEEL WIRE ROPES LIMITED

I have conducted the Secretarial audit of the compliance of applicable statutory provisions and the adherence to good

corporate practices by Shree Steel Wire Ropes Limited (Hereinafter referred to as “the Company”). Secretarial Audit was

conducted in a manner that provides me a reasonable basis for evaluating the corporate conducts/statutory compliances and

expressing my opinion thereon.

Based on our verification of the Company's Statutory Registers, papers, minute books, forms and returns filed and other

records maintained by the company and also the information provided by the Company, its officers, agents and authorized

representatives during the conduct of secretarial audit, I hereby report that in my opinion, the Company has, during the audit

period covering the financial year ended on March 31, 2019 has prima facie complied with the statutory provisions listed

hereunder:

I have examined the statutory registers, papers, minutes books, forms and returns filed and other records maintained by

the Company for the financial year ended on March 31, 2019 according to the provisions of:

(i) The Companies Act, 2013 (the Act) and the rules made there under;

(ii) The Securities Contracts (Regulation) Act, 1956 ('SCRA') and the rules made there under ;

(iii) The Depositories Act, 1996 and the Regulations and Bye-laws framed there under;

(iv) Foreign Exchange Management Act, 1999 and the rules and regulations made there under to the extent of Foreign Direct

Investment, Overseas Direct Investment and External Commercial Borrowings - Not Applicable during the audit period;

(v) The following Regulations and Guidelines prescribed under the Securities and Exchange Board of India Act, 1992 ('SEBI

Act'):-

a) The Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 2011;

b) The Securities and Exchange Board of India (Prohibition of Insider Trading) Regulations, 2015;

Though the following laws are prescribed in the format of Secretarial Audit Report by the Government, the same were

not applicable to the Company for the financial year ended 31st March, 2019:

(a) The Securities And Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2009;

(b) The Securities and Exchange Board of India (Share Based Employee Benefits) Regulations, 2014;

(c) The Securities and Exchange Board of India (Issue and listing of Debt securities) Regulations, 2008;

(d) The Securities and Exchange Board of India (Registrars to an Issue and Share Transfer Agents) Regulations,

1993 regarding the Companies Act and dealing with client;

(e) The Securities and Exchange Board of India (Delisting of Equity Shares) Regulations, 2009;

(f) The Securities and Exchange Board of India (Buyback of Securities) Regulations, 1998;

(vi) Based on the representation given by the Management of the Company, it is observed that there are no such laws which

are specifically applicable to the business of the Company. It is confirmed by the Management that the Company has

devised proper systems to ensure compliance with the provisions of all applicable laws and that such systems are

adequate and operating effectively.

(vii) I have also examined compliance with the applicable clauses of the following:

a) The Listing Agreements & SEBI (Listing Obligations & Disclosure Requirements) Regulations, 2015 entered into by

the Company with the stock exchanges viz., BSE Limited

b) Secretarial Standards 1 & 2 Issued by the Institute of Company Secretaries of India.


During the period under review the Company has prima facie complied with the provisions of the Act, Rules, Regulations,

Guidelines, Standards, etc.

I further report that:

1. I rely on statutory auditor's reports in relation to the financial statements and comments and accuracy of financial

figures for Sales Tax, Value Added Tax, Related Party Transactions, Provident Fund, ESIC, etc. as disclosed under

financial statements, IND AS 24 and note on foreign currency transactions during our audit period.

2. The Board of Directors of the Company is duly constituted with proper balance of Executive Director, Non-Executive

Director and Independent Directors. The changes in the composition of the Board of Directors that took place during

the period under review were carried out in compliance with the provisions of the Act.

3. As per the information provided the company has prima facie given adequate notice to all directors to schedule the

Board Meetings, agenda and detailed notes on agenda were sent at least seven days in advance, and a system

exists for seeking and obtaining further information and clarifications on agenda items before the meeting and for

meaningful participation at the meeting.

4. As per the minutes of the meetings, majority decisions of the Board were unanimous and no dissenting views were

found as part of the minutes.

5. There are prima facie adequate systems and processes in the company commensurate with the size and operations

of the company to monitor and ensure compliance with applicable laws, rules, regulations and guidelines.

6. The management is responsible for compliances of all business laws. This responsibility includes maintenance of

statutory registers/files required by the concerned authorities and internal control of the concerned department.

7. During the audit period we have reported that, the company has no specific events like Public Issue/ Right/

Preferential issue of shares/Debentures/ sweat equity, etc.

I further report that:

1. Maintenance of Secretarial record is the responsibility of the Management of the Company. Our responsibility is to

express an opinion on these Secretarial Records based on our audit.

2. I have followed the audit practices and processes as were appropriate to obtain reasonable assurance about the

correctness of the contents of the Secretarial records. The verification was done on test basis to ensure that correct

facts are reflected in the Secretarial records. I believe that the processes and practices, I followed provide a

reasonable basis for my opinion.

3. Where ever required, I have obtained the Management representation about the compliance of Laws, Rules and

Regulations and happening of events etc.

4. The compliance of the provisions of Corporate and other applicable Laws, Rules, Regulations, Standards is the

responsibility of the Management. My examination was limited to the verification of procedures on test basis.

5. The Secretarial Audit report is neither an assurance as to the future viability of the company nor the efficacy or

effectiveness with which the Management has conducted the affairs of the company.

Sd/- Ms. Nisha Uchil

Place: Mumbai Practising Company SecretaryrdDate: 23 August, 2019 A.C.S. No. 24798 C.P. No. 8995

Annexure “C” to the Directors' Report

Conservation of energy, technology absorption, foreign exchange earnings and outgo

Statement pursuant to Section 134 (1) (m) of the Companies Act, 2013 read with Companies (Accounts) Rules, 2014

A. CONSERVATION OF ENERGY

The Company continues to take adequate measures for conservation and saving of energy.

I. POWER AND FUEL CONSUMPTION

PARTICULARS 2018-2019 2017-2018

1. Electricity Purchased:

Units (Lac KWH) 1.64 1.63

Total Amount (Rs. In Lac) 17.26 14.29

Average Rate/KWH (Rupees) 10.51 8.76

II. CONSUMPTION PER UNIT OF PRODUCTION

PARTICULARS 2018-2019 2017-2018

1. Electricity (KWH) 0.39 0.56

B. RESEARCH AND DEVELOPMENT AND TECHNOLOGY ABSORPTION .

RESEARCH AND DEVELOPMENT

There is no formal Research and Development. However, the Company has developed many import substitute items for Indian Defence & Indian Air Force.

TECHNOLOGY AND ABSORPTION

There is no formal Research and Development. However, the Company has developed many import substitute items for Indian Defense and Air force.

C. FOREIGN TECHNOLOGY AND OUTGO

PARTICULARS 2018-2019 2017-2018

Total Foreign Exchange Earned --- ---

Total Foreign Exchange Outgo --- ---

EXPORT INITIAVITES

The Company is trying to take initiatives for Export

For and on behalf of the Board of Directors

Sd/-

Mr. MANOJ B. JESWANI Managing Director

Place: Mumbai rd Date: 23 August, 2019



Management Review

We are pleased to report that during financial 2018-19, the Company has made a net profit (before tax) of

Rs. 94.59 lakhs.

Overview

The Financial Statement has been prepared in Compliance with the requirement of the Companies Act, 1956,

guidelines issued by the Securities and Exchange Board of India (SEBI) and Generally Accepted Accounting Principles

(GAAP) in India. Our Management accepts responsibility for the integrity and objectivity of these financial statements,

as well as for various estimates and judgments used therein.

The estimates and judgments relating to the financial statements have been made on a prudent and reasonable basis,

so that the financial statements reflect in a true and fair manner the form and substance of transactions, and reasonably

present our state of affairs, profits and cash flows for the year.

Growth Review

The Company is one of the major suppliers for products such as "Stainless Steel Wire Ropes", "Regulating Equipment",

"Traction Bond" and "Anticreep Wire Rope" to the Indian Railways. The Company has added one more product required

by Indian railways, to its range of products viz. Section Insulator Assembly. All these items are required by the Indian

Railways for Electrification of various railway routes throughout India. The demand for such items is expected to

increase as these items are required for new installations and also for replacement of the old installations.

Opportunities

The Company envisages huge and continuous demand for its products viz "Stainless Steel Wires Ropes", "Traction

Bond", "Anticreep Wire Rope", "Regulating Equipments" and Section Insulator Assembly as the same are required for

new installations and also for replacement of the old installations by the Indian Railways. "

Threats and Risks

The competition for the products manufactured by the Company has increased due to new entrants in the market for

similar products and also there is volatility in the prices of raw materials in recent past. This may reduce the market share

of the Company and also may result into lower margins than the current level due to competition and higher input costs.

Cautionary Statement

Statement in the Management Discussion and Analysis describing the Company's objectives, expectations,

predictions and assumptions may be 'forward looking' within the meaning of applicable Securities Laws and

Regulations. Actual result may differ materially from those expressed herein. Important factors that could influence the

Company's operations include global and domestic economic conditions affecting demand, supply, price conditions,

change in Government's regulations, tax regimes, other statutes and other factors such as litigation and industrial

relations.


Independent Auditor's Report

To the Members of Shree Steels Wire Ropes Ltd.

Opinion

We have audited the standalone financial statements of Shree Steel Wire Ropes Limited (“the Company”),which comprise the standalone balance sheet as at 31 March 2019, the standalone statement of profit and loss (including other comprehensive income), the standalone statement of changes in equity and the standalone statement of cash flows for the year then ended, and notes to the standalone financial statements, including a summary of the significant accounting policies and other explanatory information.

In our opinion and to the best of our information and according to the explanations given to us, the aforesaid standalone financial statements give the information required by the Companies Act, 2013 ('the Act') in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India, of the state of affairs of the Company as at 31 March 2019, its profit and other comprehensive income, changes in equity and its cash flows for the year ended on that date.

Basis for Opinion

We conducted our audit in accordance with the Standards on Auditing (SAs) specified under Section 143 (10) of the Act. Our responsibilities under those SAs are further described in the Auditors' Responsibilities for the Audit of the Standalone Financial Statements section of our report. We are independent of the Company in accordance with the Code of Ethics issued by the Institute of Chartered Accountants of India together with the ethical requirements that are relevant to our audit of the standalone financial statements under the provisions of the Act and the Rules there under, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the Code of Ethics. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Key Audit Matter

Nil

Other Information

The Company's Management and Board of Directors are responsible for the other information. The other information comprises the information included in the Company's annual report, but does not include the standalone financial statements and our auditors' report thereon.

Our opinion on the standalone financial statements does not cover the other information and we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information identified above when it becomes available and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit, or otherwise appears to be materially misstated, if based on the work we performed, we conclude that there is a material misstatement therein, we are required to communicate the matter to those charged with governance.

Responsibilities of Management and Those charged with Governance for the Standalone Financial Statements

The company's Board of Directors is responsible for the matters stated in section 134(5) of the Act with respect to the preparation of these financial statements that give a true and fair view of the state of affairs (financial position), profit or loss (financial performance including Other Comprehensive Income), Changes In Equity and Cash Flows of the company in accordance with the accounting principles generally accepted in India including the Ind AS specified under section 133 of the Act. This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding of the assets of the company and for preventing and detecting frauds and other irregularities; selection and application of appropriate implementation and maintenance of accounting policies; making judgments and estimates that are reasonable and prudent; and design, implementation and maintenance of adequate internal financial controls that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the Board of Directors is responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Board of Directors either intends to liquidate the company or to cease operations, or has no realistic alternative but to do so.

Board of Directors are also responsible for overseeing the company's financial reporting process.


Auditor's Responsibilities for the Audit of Financial Statements

Our objectives are to obtain reasonable assurance about whether the standalone financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditors' report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with SAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these standalone financial statements.

As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:

• Identify and assess the risks of material misstatement of the standalone financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

• Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances. Under Section 143(3)(i) of the Act, we are also responsible for expressing our opinion on whether the Company has adequate internal financial controls with reference to financial statements in place and the operating effectiveness of such controls

• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management.

• Conclude on the appropriateness of management's use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the standalone financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the Company to cease to continue as a going concern.

• Evaluate the overall presentation, structure and content of the standalone financial statements, including the disclosures, and whether the standalone financial statements represent the underlying transactions and events in a manner that achieves fair presentation.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards.

From the matters communicated with those charged with governance, we determine those matters that were of most significance in the audit of the standalone financial statements of the current period and are therefore the key audit matters. We describe these matters in our auditors' report unless law or regulation precludes public disclosure about the matter or when, in extremely rare circumstances, we determine that a matter should not be communicated in our report because the adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits of such communication.

Report on Other Legal and Regulatory Requirements

1. As required by Section 143 (3) of the Act, we report that:

(a) We have sought and obtained all the information and explanations, which to the best of our knowledge and belief, were necessary for the purposes of our audit;

(b) In our opinion, proper books of account as required by law have been kept by the Company so far as it appears from our examination of those books;

(c) The standalone balance sheet, the standalone statement of profit and loss (including other comprehensive income), the standalone statement of changes in equity and the standalone statement of cash flows dealt with by this report are in agreement with the books of account

(d) In our opinion, the aforesaid standalone financial statements comply with the Indian Accounting Standards (Ind AS) specified under Section 133 of the Act


(e) On the basis of the written representations received from the directors as on 31 March 2019 taken on record by the Board of Directors, none of the directors is disqualified as on 31 March 2019 from being appointed as a director in terms of Section 164 (2) of the Act; and

(f) With respect to the adequacy of the internal financial controls with reference to the standalone financial statements of the Company and the operating effectiveness of such controls, refer to our separate Report in “Annexure A”.

(g) With respect to the other matters to be included in the Auditor's Report in accordance with the requirements of section 197(16) of the Act, as amended:

In our opinion and to the best of our information and according to the explanations given to us, the remuneration paid by the company to its directors during the year is in accordance with the provisions of section 197 of the Act

(h) with respect to the other matters to be included in the Auditor's Report in accordance with Rule 11 of the Companies (Audit and Auditors) Rules, 2014, as amended, in our opinion and to the best of our information and according to the explanations given to us:

i. The company has, to the extent ascertainable, disclosed the impact of pending litigations on its financial position in its financial statements – Refer Note 29(1) to the standalone financial statements;

ii. The Company did not have any long-term contracts including derivative contracts for which there were any material foreseeable losses.

iii. There were no amounts which were required to be transferred to the Investor Education and Protection Fund by the Company.

2. As required by the Companies (Auditor's Report) Order, 2016 ('the Order'), issued by the Central Government of India in terms of Section 143 (11) of the Act, we give in the “Annexure A”, a statement on the matters specified in paragraphs 3 and 4 of the Order, to the extent applicable.

For Kailash Chand Jain & Co.Chartered AccountantsFirm Registration No.:112318W

Sd/-Ronak VisariaPartnerMembership No.:159973

Place: MumbaiDate: May 30, 2019

Annexure - A to the Independent Auditors' Report of even date on the Standalone financial

statements of Shree Steel Wire Ropes Limited.

Referred to in Paragraph 1 (f) of 'Report on Other Legal and Regulatory Requirements' section of our Report of even date.

Report on the Internal Financial Controls under Clause (i) of Sub-section 3 of Section 143 of the Companies Act, 2013 (“the Act”)

We have audited the internal financial controls over financial reporting of Shree Steel Wire Ropes Limited (“the Company”) as of March 31, 2019 in conjunction with our audit of the standalone financial statements of the Company for the year ended on that date.

Management's Responsibility for Internal Financial Controls

The Company's management is responsible for establishing and maintaining internal financial controls based on the internal control over financial reporting criteria established by the Company considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls over Financial Reporting issued by the Institute of Chartered Accountants of India ('ICAI'). These responsibilities include the design, implementation and maintenance of adequate internal financial controls that were operating effectively for ensuring the orderly and efficient conduct of its business, including adherence to company's policies, the safeguarding of its assets, the prevention and detection of frauds and errors, the accuracy and completeness of the accounting records, and the timely preparation of reliable financial information, as required under the Companies Act, 2013.

Auditors' Responsibility

Our responsibility is to express an opinion on the Company's internal financial controls over financial reporting based on our audit. We conducted our audit in accordance with the Guidance Note on Audit of Internal Financial Controls over Financial


Reporting (the “Guidance Note”) and the Standards on Auditing, issued by ICAI and deemed to be prescribed under section 143(10) of the Companies Act, 2013, to the extent applicable to an audit of internal financial controls, both applicable to an audit of Internal Financial Controls and, both issued by the Institute of Chartered Accountants of India. Those Standards and the Guidance Note require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether adequate internal financial controls over financial reporting was established and maintained and if such controls operated effectively in all material respects.

Our audit involves performing procedures to obtain audit evidence about the adequacy of the internal financial controls system over financial reporting and their operating effectiveness. Our audit of internal financial controls over financial reporting included obtaining an understanding of internal financial controls over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. The procedures selected depend on the auditor's judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the Company's internal financial controls system over financial reporting

Meaning of Internal Financial Controls over Financial Reporting

A company's internal financial control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company's internal financial control over financial reporting includes those policies and procedures that

(1) Pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company;

(2) Provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorisations of management and directors of the company; and

(3) Provide reasonable assurance regarding prevention or timely detection of unauthorised acquisition, use, or disposition of the company's assets that could have a material effect on the financial statements.

Inherent Limitations of Internal Financial Controls over Financial Reporting

Because of the inherent limitations of internal financial controls over financial reporting, including the possibility of collusion or improper management override of controls, material misstatements due to error or fraud may occur and not be detected. Also, projections of any evaluation of the internal financial controls over financial reporting to future periods are subject to the risk that the internal financial control over financial reporting may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

Opinion

In our opinion, the Company has, in all material respects, an adequate internal financial controls system over financial reporting and such internal financial controls over financial reporting were operating effectively as at March 31, 2019 based on the internal control over financial reporting criteria established by the Company considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting issued by the Institute of Chartered Accountants of India.

Annexure - B to the Independent Auditors' Report

The Annexure 2 referred to in Independent Auditors' Report to the members of the Company on the standalone financial statements for the year ended March 31, 2019 we report that:

(i) (a) The Company has maintained proper records showing full particulars, including quantitative details and situation of fixed assets.

(b) The Fixed assets of the company have been physically verified by the management during the year and no material discrepancies have been identified on such verification. In our opinion the frequency of verification is reasonable.

(c) According to the information and explanations given to us and on the basis of our examination of the records of the Company, the title deeds of immovable properties are held in the name of the Company.

(ii) As explained to us, the management at regular intervals during the year has physically verified inventories, in our opinion and according to the information and explanations given to us, the procedures of physical verification of

inventories followed by the management are reasonable and adequate in relation to the size of the company and the nature of its business, the company has maintained proper records of inventories. As explained to us, there was no material discrepancies noticed on physical verification of inventory as compared to the book records.

(iii) The Company has not granted loans to any bodycorporate covered in the register maintained under section 189 of the Companies Act, 2013 ('the Act').Consequently requirement of clauses (iii,a), (iii,b) and (iii,c) of paragraph 3 of the order are not applicable.

(iv) In our opinion and according to the information and explanations given to us, the Company has complied with the provisions of section 185 and 186 of the Act, with respect to the loans and investments made, and guarantees and securities provided by it.

(v) The Company has not accepted any deposits from the public within the meaning of Sections 73, 74, 75 and 76 of the Act and the Rules framed there under to the extent notified.

(vi) In our opinion and according to the information and explanations given to us, the Company is not liable for maintaining Cost accounts and Cost records as per applicability condition laid down under the Companies (Cost Records and Audit) Rules, 2014 under rule 3 (A) to 3 (D) read with Section 148 (1) of the Companies Act, 2013.

(vii) (a) According to the information and explanations given to us and the records of the Company examined by us, in our opinion, the Company is generally regular in depositing undisputed statutory dues in respect of provident fund, income tax, GST, cess and other material statutory dues though there has been a slight delay in few cases, with the appropriate authorities.

According to the information and explanations given to us, no undisputed amounts payable in respect of provident fund, income tax, sales tax, value added tax, duty of customs, service tax, goods and service tax, cess and other material statutory dues were in arrears as at March 31, 2019

(viii) Based on our audit procedures and on the information and explanation given by the management, we are of the opinion that the company has not defaulted in repayment of dues to any Bank. The company has not taken any loans from financial institution, Government and debenture holders.

(ix) In our opinion and according to information and explanation given to us the money raised by way of term loan has been applied, on an overall basis, for the purpose for which they were obtained. The Company did not raise any money by way of initial public offer or further public offer (including debt instruments).

(x) According to the information and explanations given to us, no material fraud by the Company or on the Company by its officers or employees has been noticed or reported during the course of our audit.

(xi) According to the information and explanations give to us and based on our examination of the records of the Company, the Company has paid for managerial remuneration in accordance with the requisite approvals mandated by the provisions of section 197 read with Schedule V to the Act.

(xii) In our opinion and according to the information and explanations given to us, the Company is not a nidhi company. Accordingly, paragraph 3(xii) of the Order is not applicable.

(xiii) According to the information and explanations given to us and based on our examination of the records of the Company, transactions with the related parties are in compliance with sections 177 and 188 of the Act where applicable and details of such transactions have been disclosed in the Standalone Ind AS Financial Statements as required by the applicable accounting standards.

(xiv) According to the information and explanations give to us and based on our examination of the records of the Company, the Company has not made any preferential allotment or private placement of shares or fully or partly convertible debentures during the year. Accordingly paragraph 3(xiv) of the order is not applicable.

(xv) According to the information and explanations given to us and based on our examination of the records of the Company, the Company has not entered into non-cash transactions with directors or persons connected with him. Accordingly, paragraph 3(xiv) of the Order is not applicable.

(xvi) The Company is not required to be registered under section 45-IA of the Reserve Bank of India Act 1934.

For Kailash Chand Jain & Co.Chartered AccountantsFirm Registration No.:112318W

Sd/-Ronak VisariaPartnerMembership No.:159973

Place: MumbaiDate: May 30, 2019


stBALANCE SHEET AS AT 31 MARCH 2019

No. Particulars Note 2018-19 2017-18 ` `

I. ASSETS

1 Non-current assets(a) Property Plant and Equipment 2 14,071,440 12,496,260

(b) Investment Property 3 24,373,120 24,373,120 (c) Goodwill 2,711,460 2,711,460

Financial Assets (d) Investment 4 18,000 18,000 (e) Loans 5 20,294,583 0 (f) Deferred tax assets 0 2,020,000 (g) Other Financial Asset 6 964,801 1,089,913 (h) Other Non Current Assets 7 1,054,563 961,708

2 Current assets(a) Inventories 8 30,747,105 22,175,901

Financial Assets(b) Trade receivables 9 24,768,681 15,908,916(c) Cash and cash equivalents 10 13,182,550 9,831,671(d) Fixed Deposit with Banks 11 274,400 0 (e) Other Financial Asset-Current 12 10,205 38,259 (f) Other Current Assets 13 5,095,379 30,693,761

Total Assets Rs… 137,566,287 122,318,969

II EQUITY AND LIABILITIES

1 Equity(a) Equity Share capital 14 32,988,400 32,988,400(b) Other Equity 15 68,108,513 63,791,669

2 LiabilitiesNon-current liabilities(a) Financial Liabilities (i) Borrowings 16 277,181 1,185,175 (ii) Deferred Tax Liability 437,791 - (b) Provisions 17 1,825,878 1,864,890

Current liabilities(a) Financial Liabilities :- (i) Borrowings 18 907,995 830,985 (ii) Trade payables 19 24,923,466 19,301,911

(b) Other current liabilities 20 7,273,746 2,300,309

(c) Current Tax Liabilities (Net) 21 823,317 55,630

Total Equity and Liabilities Rs… 137,566,287 122,318,969


(Amount in Rupees)

Significant Accounting Policies 1Notes to Accounts 29All notes to Accounts from Note "1 to 29" form part of the Financial StatementsAs per our report of even date For Kailashchand Jain & Co. Chartered Accountants Firm Regn no. 1121318W For and on behalf of the Board of Directors Sd/- Shree Steel Wire Ropes LimitedRonak Visaria

Sd/- Sd/-Partner (Manoj B. Jeswani) (Anil L. Sajnani)Membership No. 159973 Managing Director DirectorPlace : Mumbai

thDate : 30 May' 2019

STPROFIT AND LOSS ACCOUNT FOR THE YEAR ENDED 31 MARCH 2019

Particulars Note Ref. 2018-19 2 017-18

Continuing Operations

I Revenue from operations (Inclusive of GST) 22 180,802,837 132,859,784

II Other Income 23 745,487 2,716,120

III Total Income (I + II) 181,548,324 135,575,904

IV Expenses:

a Cost of materials consumed 24 106,514,094 79,578,247

b Excise Duty - 3,054,586

c Goods & Service Tax / Sales Tax 27,590,337 19,084,297

d Changes in inventories of finished goods 25 703,733 (4,319,139)and work-in-progress

e Employee benefits expense 26 20,102,464 14,748,273

f Finance costs 27 144,976 144,379

g Other expenses 28 15,426,730 12,090,014

Total expenses 170,482,334 124,380,657

V Profit before Depreciation, prior period Exp.& Tax 11,065,990 11,195,247

VI Exceptional Items

a Sales Tax assessment dues - (739,267)

b Interest Income - W/off - -

VII Profit before Depreciation & Tax 11,065,990 10,455,980

VIII Depreciation 1,606,893 1,364,393

IX Profit before Tax (VII - VIII) 9,459,097 9,091,587

X Tax expense :-(1) Current tax 2,450,000 2,500,000 (2) Short/Excess provision for earlier years (20,030) (253,759)(3) Deferred tax credit/charge (2,457,791) (26,000)

XI Profit after Tax (IX - X) (A) 4,571,336 6,871,346

XII Other Comprehensive IncomeItems that will be Reclassified to Profit or Loss:-Difference Between Future Value & Discounted value of Unsecured Loan Given 480,417 - Items that will not be Reclassified to Profit or LossRe-measurement gains/(losses) on defined benefit plans (225,925)Other Comprehensive Income net of tax (B) (254,492) -

Total Comprehensive Income (A+B) 4,316,844 6,871,346

XIII Earnings per equity share:(1) Basic 1.38 2.08(2) Diluted 1.38 2.08

(Amount in Rupees)


Significant Accounting Policies 1Notes to Accounts 29All notes to Accounts from Note "1 to 29" form part of the Financial StatementsAs per our report of even date For Kailashchand Jain & Co. Chartered Accountants Firm Regn no. 1121318W For and on behalf of the Board of Directors Sd/- Shree Steel Wire Ropes LimitedRonak Visaria

Sd/- Sd/-Partner (Manoj B. Jeswani) (Anil L. Sajnani)Membership No. 159973 Managing Director DirectorPlace : Mumbai

thDate : 30 May' 2019


STCASH FLOW STATEMENT FOR THE YEAR ENDED 31 MARCH, 2019

For the year ended For the year endedst 31 March 2019 31st March 2018

A. CASH FLOW FROM OPERATING ACTIVITIES Net Profit Before Tax 9,459,097 9,091,587

Adjustments for: Depreciation 1,606,893 1,364,393 Gratuity unfunded - Long Term Provision - 195,915

Gratuity - OCI 225,925 - Interest paid on Car loans - 144,379 Interest on Investing Activities - (2,384,110)

Operating profit before working capital changes 11,291,915 8,412,164

Adjustments for:

(Increase)/Decrease in Inventories (8,571,204) (8,518,163)

(Increase)/Decrease in Trade Receivables (8,859,765) 9,754,911

(Increase) / Decrease in other Current Assets 25,598,382 (1,578,570)

(Increase) / Decrease in other Financial Asset -Non Current 125,112 (1,089,913)

(Increase) / Decrease in other Financial Asset -Current 28,054 (38,259)

Increase / (Decrease) in Trade Payables 5,621,555 3,202,469

Increase / (Decrease) in Other Curr Liab 4,973,437 57,946

Cash Generated from Operations 30,168,474 10,202,584

Direct Taxes (Paid) / Refund (1,626,683) (3,218,469)

NET CASH FLOW FROM OPERATING ACTIVITIES (A) 28,506,191 6,984,116

B. CASH FLOW FROM INVESTING ACTIVITIES

Purchase of Property Plant and Equipment (3,182,073) (3,153,776) Loan given to unrelated party (Net - Recd / paid) (20,775,000) 1,500,000

Other Non Current Assets (Net - Recd / paid) (92,855) 29,312 Investment Property - (11,833,120)

Changes in Fixed Deposits (14,296) (260,104)

Interest Recd on Non Current Loan - 2,384,110

NET CASH FLOW FROM INVESTING ACTIVITIES (B) (24,064,224) (11,333,576)

C. CASH FLOW FROM FINANCIAL ACTIVITIES

Taken / (Repayment) of borrowings - Non Current (907,994) 2,016,160

Taken / (Repayment) of borrowings - Current 77,010 (346,379)

Interest Paid on Car loans - (144,379)

NET CASH FLOW FROM FINANCIAL ACTIVITIES (C) (830,984) 1,525,402

Net Inc./(Dec.) in cash and cash equivalants A+B+C 3,610,983 (2,824,058)

Cash and cash equivalents as at Opening 9,571,567 12,395,625

Cash and cash equivalents as at Closing 13,182,550 9,571,567

Net increase / (decrease) in Cash and Cash equivalants 3,610,983 (2,824,058)

Previous year figures have been regrouped, wherever necessary, to confirm to the current years grouping.

As per our attached report of even date For and on behalf of the Board of Directors

For Kailashchand Jain & Co. Chartered Accountants Shree Steel Wire Ropes Limited

Firm Regn no. 1121318W Sd/- (Manoj B. Jeswani)Sd/- Managing DirectorRonal Visaria Partner

Membership No. 159973

Sd/- (Anil L. Sajnani)

DirectorPlace : Mumbai thDate : 30 May' 2019

STATEMENT FOR CHANGES IN EQUITY

A) Equity Share Capital:

Particulars Numbers Amount

At 1 April 2018 3,311,490 33,114,900

Changes in equity share capital during the year - -

At 31 March 2019 3,311,490 33,114,900

Other Equity

Particulars Other Equity Total Equity

Reserves & Surplus Other Attributable to

Comprehensive Equity Holders ofCapital General Retained

Income CompanyReserves Reserves Reserves

Balance as of April 1, 2017 2,000,000 183,014 54,737,309 56,920,323

Profit/(Loss) for the period - 6,871,346 - 6,871,346

Balance as of March 31, 2018 2,000,000 183,014 61,608,655 - 63,791,669

Profit/(Loss) for the period - - 4,571,336 (254,492) 4,316,844

Balance as of March 31,2019 2,000,000 183,014 66,179,991 (254,492) 68,108,513









STNOTES TO FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH, 2019.

Note ‘1’

Corporate Information:

Shree Steel Wire Ropes Limited (herein referred to as “SSWRL” or “the Company”) is engaged in the business of production of

Steel Wire Ropes, Strands, Slings, Three Pulley Type Regulating Equipments, Section Insulator Assembly and allied products.

The Company is Public Limited Company and is listed on Bombay Stock Exchange (BSE). The Address of the Registered

Office is Gat No. 183-185, KIDC, Village Dheku, Taluka Khalapur, Khopoli - 410203 Dist. Raigad, Maharashtra, India.

Significant Accounting policies

1.1 Basis of Preparation :

The Company prepared its financial statements to comply with the accounting standards specified under section 133 of the Companies Act, 2013, read together with Companies (Indian Accounting Standards) Rules, 2015 (as amended from time to time).The financial statements have been prepared on an accrual basis and under the historical cost convention.

All assets and liabilities have been classified as current or non-current as per the Company's normal operating cycle and other criteria set out in Schedule III of the Companies Act, 2013. Based on the nature of products and time between the acquisition of assets for processing and their realization in cash and cash equivalents, the Company has ascertained its operating cycle as 12 months for the purpose of current/non-current classification of assets and liabilities.

The financial statements are presented in Indian Rupees.

1.2 Summary of Significant Accounting Policies:

a. Current versus non-current classification

The Company presents assets and liabilities in the balance sheet based on current / non-current classification.

An asset is treated as current when it is:

• Expected to be realized or intended to be sold or consumed in normal operating cycle;

• Held primarily for the purpose of trading;

• Expected to be realized within twelve months after the reporting period; or

• Cash or cash equivalent unless restricted from being exchanged or used to settle a liability for at least twelve months after the reporting period.

All other assets are classified as non-current.

A liability is treated as current when:

• It is expected to be settled in normal operating cycle;

• It is held primarily for the purpose of trading;

• It is due to be settled within twelve months after the reporting period; or

• There is no unconditional right to defer the settlement of the liability for at least twelve months after the reporting period.

The Company classifies all other liabilities as non-current.

b. Fair value measurement

Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value measurement is based on the presumption that the transaction to sell the asset or transfer the liability takes place either:

• In the principal market for the asset or liability, or

• In the absence of a principal market, in the most advantageous market for the asset or liability

The principal or the most advantageous market must be accessible by the Company.

The fair value of an asset or a liability is measured using the assumptions that market participants would use when pricing the asset or liability, assuming that market participants act in their economic best interest.

The Company uses valuation techniques that are appropriate in the circumstances and for which sufficient data are available to measure fair value, maximizing the use of relevant observable inputs and minimizing the use of unobservable inputs.

All assets and liabilities for which fair value is measured or disclosed in the financial statements are categorized within the fair value hierarchy, described as follows, based on the lowest level input that is significant to the fair value measurement as a whole:

• Level 1 — Quoted (unadjusted) market prices in active markets for identical assets or liabilities


• Level 2 — Valuation techniques for which the lowest level input that is significant to the fair value measurement is directly or indirectly observable

• Level 3 — Valuation techniques for which the lowest level input that is significant to the fair value measurement is unobservable

For the purpose of fair value disclosures, the Company has determined classes of assets and liabilities on the basis of the nature, characteristics and risk of the assets or liability and the level of fair value hierarchy as explained above.

c. Property, Plant and Equipment

Property, Plant and Equipmentsare stated at cost, net of accumulated depreciation and impairment losses, if any. The cost comprises purchase price, borrowing costs if capitalization criteria are met and directly attributable cost of bringing the asset to its working condition for the intended use. Any trade discounts and rebates are deducted in arriving at the purchase price.

Subsequent expenditure related to an item of property, plant and equipment is added to its book value only if it increases the future benefits from the existing asset beyond its previously assessed standard of performance. All other expenses on existing property, plant and equipment, including day-to-day repair and maintenance expenditure and cost of replacing parts, are charged to the Statement of Profit and Loss for the period in which such expenses are incurred.

Capital work-in-progress comprises of property, plant and equipmentthat are not ready for their intended use at the end of reporting period and are carried at cost comprising direct costs, related incidental expenses, other directly attributable costs and borrowing costs.

Gains or losses arising from derecognition of property, plant and equipments are measured as the difference between the net disposal proceeds and the carrying amount of the asset and are recognized in the Statement of Profit and Loss when the asset is derecognized.

Depreciation on Property, plant and equipment's is calculated on pro rata basis on straight-line method using the management assessed useful lives of the assets which is in line with the manner prescribed in Schedule II of the Companies Act, 2013

The residual values, useful lives and methods of depreciation of property, plant and equipment are reviewed at each financial year end and adjusted prospectively.

d. Intangible Assets

Intangible assets are stated at cost, net of accumulated amortization and impairment losses, if any. The cost comprises purchase price, borrowing costs if capitalization criteria are met and directly attributable cost of bringing the asset to its working condition for the intended use.

Gains or losses arising from derecognition of intangible assets are measured as the difference between the net disposal proceeds and the carrying amount of the asset and are recognized in the Statement of Profit and Loss when the asset is derecognized.

Amortizationon intangible assets is calculated on pro rata basis on straight-line method using the useful lives of the assets and in the manner prescribed in Schedule II of the Companies Act,2013.

The residual values, useful lives and methods of depreciation of Intangible assets are reviewed at each financial year end and adjusted prospectively.

The Company has Goodwill as Intangible Asset. Goodwill is shown at excess of purchase consideration over net tangible assets valued at the time of Business Purchase. Goodwill is not amortized.

e. Leases

The determination of whether an arrangement is (or contains) a lease is based on the substance of the arrangement at the inception of the lease. The arrangement is, or contains, a lease if fulfilment of the arrangement is dependent on the use of a specific asset or assets and the arrangement conveys a right to use the asset or assets, even if that right is not explicitly specified in an arrangement.

A lease is classified at the inception date as a finance lease or an operating lease. A lease that transfers substantially all the risks and rewards incidental to ownership to the Company is classified as a finance lease. Leases in which the Company does not transfer substantially all the risks and rewards of ownership of an asset are classified as operating leases.

Company as a Lessee:

Operating lease payments are recognized as an expense in the statement of profit and loss as per the contractual terms over the lease period.

Finance lease are capitalized at the commencement of the lease and depreciated over the period of lease.


f. Borrowing costs

Borrowing cost includes interest and amortization of ancillary costs incurred in connection with the arrangement of borrowings.

Borrowing costs directly attributable to the acquisition, construction or production of an asset that necessarily takes a substantial period to get ready for its intended use or sale are capitalized as part of the cost of the respective asset. All other borrowing costs are expensed in the period they occur.

g. Impairment of non-financial assets

The carrying amounts of assets are reviewed at each balance sheet date, if there is any indication of impairment based on internal / external factors. Impairment Loss is provided to the extent the carrying amount of assets exceeds their recoverable amount. Recoverable amount is the higher of an asset's net selling price and its value in use. Value in use is the present value of estimated future cash flows expected to arise from the continuing use of an asset and from its disposal at the end of its useful life. Net selling price is the amount obtainable from the sale of an asset in an arm's length transaction between knowledgeable, willing parties, less the costs of disposal.

Impairment losses are recognized in the statement of profit and loss.

h. Non- Current assets held for sale

The Company classifies non-current assets as held for sale if their carrying amounts will be recovered principally through a sale rather than through continuing use. Actions required to complete the sale should indicate that it is unlikely that significant changes to the sale will be made or that the decision to sell will be withdrawn. The Company is committed to the sale expected within one year from the date of classification.

Non-current assets held for sale are measured at the lower of their carrying amount and the fair value less costs to sell. Assets and liabilities classified as held for sale are presented separately in the balance sheet. Property, plant and equipment and intangible assets once classified as held for sale are not depreciated or amortized.

In the current year there are no such amounts recognized.

i. Inventories

Raw materials, traded goods, work in progress, finished goods, packing materials, project material for long term contracts, scrap materials and stores and spares are valued at lower of cost and net realizable value. However, materials and other items held for use in the production of inventories are not written down below cost if the finished products in which they will be incorporated are expected to be sold at or above cost. Cost of raw materials, packing materials and stores & spares is determined on a first in first out(FIFO) basis and includes all applicable cost incurred in bringing goods to their present location condition.

Work-in-progress and finished goods are valued at lower of cost and net realizable value. Cost includes direct material as aforesaid, direct labour cost and a proportion of manufacturing overheads based on total manufacturing overheads to raw materials consumed.

Traded goods are value at lower of cost and net realizable value. Cost includes cost of purchase and other cost incurred in bringing the inventories at their location and condition. Cost is determined on weighted average basis.

The stocks of scrap materials have been taken at net realizable value.

Net realizable value is the estimated selling price in the ordinary course of business, less estimated costs of completion and estimated costs necessary to make the sale.

j. Revenue recognition

Revenue is measured based on the consideration specified in a contract with a customer and excludes amounts collected on behalf of third parties including taxes. Revenue is recognized upon transfer of control of promised products or services to customers in an amount that reflects the consideration we expect to receive in exchange for those products or services.

The following specific recognition must also be met before revenue is recognized.

Sale of goods

Revenue from sale of the goods is recognized when all the significant risk and rewards of ownership of the goods have been passed to the buyer, usually on dispatch of goods. The company collects GST on behalf of the government and, therefore, these are not economic benefits to the company. Revenue is disclosed net of discounts and returns, as applicable.

Interest

For all financial asset measured either at amortized cost or at fair value through other comprehensive income, interest income is recorded using the effective interest rate (EIR).


Dividends

Dividend income is recognized when the Company's right to receive dividend is established by the reporting date

k. Foreign currency translation

The Company's financial statements are presented in Indian rupee (INR) which is also the Company's functional currency.

Foreign currency transaction are recorded on initial recognition in the functional currency, using the exchange rate prevailing at the date of transaction.

Measurement of foreign currency item at the balance sheet date

Foreign currency monetary assets and liabilities denominated in foreign currency are translated at the exchange rates prevailing on the reporting date.

Exchange differences

Exchange differences arising on settlement or translation of monetary items are recognized as income or expense in the statement of profit and loss.

Non-monetary items that are measured in terms of historical cost in a foreign currency are translated using the exchange rates at the dates of the initial transactions.

However, There are no foreign currency transactions during the year.

l. Income taxes

Tax expenses comprise current and deferred tax. Current income-tax is measured at the amount expected to be paid to the tax authorities in accordance with the Income-tax Act, 1961. The tax rates and tax laws used to compute the amount are those that are enacted or substantively enacted, at the reporting date.

Current income tax relating to items recognized outside profit and loss is recognized outside profit and loss (either in other comprehensive income or in equity). Current tax items are recognized in correlation to the underlying transaction either in OCI or directly in equity.

Deferred tax is provided using the liability method on temporary differences between the tax bases of assets and liabilities and their carrying amounts for financial reporting purposes at the reporting date. Deferred income tax is measured using the tax rates and the tax laws enacted or substantially enacted at the reporting date.

Deferred tax liabilities are recognized for all taxable temporarydifferences. Deferred tax assets are recognized for deductible temporarydifferences only to the extent that there is reasonable certainty that sufficient future taxable income will be available against which such deferred tax assets can be realized.

At each reporting date, the Company re-assesses unrecognized deferred tax assets. It recognizes unrecognized deferred tax asset to the extent that it has become reasonably certain, as the case may be, that sufficient future taxable income will be available against which such deferred tax assets can be realized.

The carrying amount of deferred tax assets are reviewed at each reporting date. The Company writes-down the carrying amount of deferred tax asset to the extent that it is no longer reasonably certain, as the case may be, that sufficient future taxable income will be available against which deferred tax asset can be realized. Any such write-down is reversed to the extent that it becomes reasonably certain or virtually certain, as the case may be, that sufficient future taxable income will be available.

Current tax assets and current tax liabilities are offset when there is a legally enforceable right to set off the recognized amounts and there is an intention to settle the asset and the liability on a net basis.

Deferred tax assets and deferred tax liabilities are offset when there is a legally enforceable right to set off assets against liabilities representing current tax and where the deferred tax assets and the deferred tax liabilities relate to taxes on income levied by the same governing taxation laws.

m. Segment reporting

Segment reporting required as per Ind AS-108 is not applicable as the Company operates in one single primary business segment.

n. Earnings per share

Basic earnings per share are calculated by dividing the net profit or loss for the period attributable to equity shareholders by the weighted average number of equity shares outstanding during the period. The weighted average number of equity shares outstanding during the period is adjusted for events such as bonus issue that have changed the number of equity shares outstanding, without a corresponding change in resources.

For the purpose of calculating diluted earnings per share, the net profit or loss for the period attributable to equity


shareholders and the weighted average number of shares outstanding during the period are adjusted for the effect of all potentially dilutive equity shares.

o. Provisions, Contingent liabilities and capital commitments

A provision is recognized when the Company has a present obligation as a result of past event, it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation and a reliable estimate can be made of the amount of the obligation. The expense relating to a provision is presented in the statement of profit and loss. If the effect of the time value of money is material, provisions are discounted using a current pre-tax rate that reflects, when appropriate, the risks specific to the liability. When discounting is used, the increase in the provision due to the passage of time is recognized as a finance cost.

A contingent liability is a possible obligation that arises from past events whose existence will be confirmed by the occurrence or non-occurrence of one or more uncertain future events beyond the control of the Company or a present obligation that is not recognized because it is not probable that an outflow of resources will be required to settle the obligation. A contingent liability also arises in extremely rare cases where there is a liability that cannot be recognized because it cannot be measured reliably. The Company does not recognize a contingent liability but discloses its existence in the financial statements.

Capital Commitments includes the amount of purchase orders (net of advances) issued to parties for completion of assets.

p. Cash and cash equivalents

Cash and cash equivalents for the purposes of cash flow statement comprise cash at bank and in hand, cheques in hand and short-term deposits with an original maturity of three months or less, which are subject to an insignificant risk of changes in value.

For the purposes of cash flow statement consist of cash and short-term deposits, as defined above, net of outstanding bank overdrafts as they are considered an integral part of the Company's cash management.

q. Financial instruments

Financial assets are divided into the following categories: • financial assets carried at amortized cost • financial assets at fair value through other comprehensive income • financial assets at fair value through profit and loss;

Financial assets are assigned to the different categories by Management on initial recognition, depending on the nature and purpose of the financial assets. The designation of financial assets is re-evaluated at every reporting date at which a choice of classification or accounting treatment is available. Financial Assets like Investments in Subsidiaries are measured at Cost as allowed by Ind-AS 27 —

Separate Financial Statements and hence are not fair valued.

Financial assets carried at amortized cost:

"A financial asset is subsequently measured at amortized cost if it is held within a business model whose objective is to hold the asset in order to collect contractual cash flows and the contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. These are non-derivative financial assets that are not quoted in an active market. Loans and receivables (including trade and other receivables, bank and cash balances) are measured subsequent to initial recognition at amortized cost using the effective interest method, less provision for impairment. Any change in their value through impairment or reversal of impairment is recognized in the income statement.

In accordance with Ind AS

Allowance on trade receivables and content advances based on historically observed default rates.

Impairment loss allowance recognized during the year is charged to Statement of Profit and Loss.

Financial assets at fair value through other comprehensive income:

Financial assets at fair value through other comprehensive income are non-derivative financial assets held within a business model whose objective is achieved by both collecting contractual cash flows and selling financial assets and the contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding.

Financial assets at fair value through profit or loss:

"A financial asset which is not classified in any of the above categories are subsequently fair valued through profit or loss. It includes non-derivative financial assets that are either designated as such or do not qualify for inclusion in any


of the other categories of financial assets. Gains and losses arising from investments classified under this category are recognized in the income statement when they are sold or when the investment is impaired.

In the case of impairment, any loss previously recognized in other comprehensive income is transferred to the income statement. Impairment losses recognized in the income statement on equity instruments are not reversed through the income statement. Impairment losses recognized previously on debt securities are reversed through the income statement when the increase can be related objectively to an event occurring after the impairment loss was recognized in the income statement.

"When the Company considers that fair value of financial assets can be reliably measured, the fair values of financial instruments that are not traded in an active market are determined by using valuation techniques. The Company applies its judgment to select a variety of methods and make assumptions that are mainly based on market conditions existing at each balance sheet date. Equity instruments measured at fair value through profit or loss that do not have a quoted price in an active market and whose fair value cannot be reliably measured are measured at cost less impairment at the end of each reporting period.

An assessment for impairment is undertaken at least at each balance sheet date:

A financial asset is derecognized only where the contractual rights to the cash flows from the asset expire or the financial asset is transferred and that transfer qualifies for derecognition. A financial asset is transferred if the contractual rights to receive the cash flows of the asset have been transferred or the Company retains the contractual rights to receive the cash flows of the asset but assumes a contractual obligation to pay the cash flows to one or more recipients. A financial asset that is transferred qualifies for derecognition if the Company transfers substantially all the risks and rewards of ownership of the asset, or if the Company neither retains nor transfers substantially all the risks and rewards of ownership but does transfer control of that asset.

Financial liabilities:

"Financial liabilities are classified as either 'financial liabilities at fair value through profit or loss' or 'other financial liabilities'. Financial liabilities are subsequently measured at amortized cost using the effective interest method or at fair value through profit or loss.

Financial liabilities are classified as at fair value through profit or loss when the financial liability is held for trading such as a derivative, except for a designated and effective hedging instrument, or if upon initial recognition it is thus designated to eliminate or significantly reduce measurement or recognition inconsistency or it forms part of a contract containing one or more embedded derivatives and thecontract is designated as fair value through profit or loss.

Financial liabilities at fair value through profit or loss are stated at fair value. Any gains or losses arising of held for trading financial liabilities are recognized in profit or loss. Such gains or losses incorporate any interest paid and are included in the "other gains and losses" line item.

Other financial liabilities (including borrowing and trade and other payables) are subsequently measured at amortized cost using the effective interest method.

The effective interest method is a method of calculating the amortized cost of a financial liability and of allocating interest expense over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash payments (including all fees and points paid or received that form an integral part of the effective interest rate, transaction costs and other premiums or discounts) through the expected life of the financial liability, or (where appropriate) a shorter period, to the net carrying amount on initial recognition.

A financial liability is derecognized only when the obligation is extinguished, that is, when the obligation is discharged or cancelled or expires. Changes in liabilities' fair value that are reported in profit or loss are included in the income statement within finance costs or finance income.

r. Derivative financial instruments

The Company has not entered into any Derivative contracts during the year.

s. Government grants:

Government grants are recognized where there is reasonable assurance that the grant will be received, and all attached conditions will be complied with.

When the grant relates to an expense item, it is recognized as income on a systematic basis over the periods that the related costs, for which it is intended to compensate, are expensed.

When the grant relates to an asset, it's recognition as income in the statement of profit and loss is linked to fulfilment of associated export obligations.

The Company has chosen to present grants received to income as other income in the statement of profit and loss.


Note 1.3.:Significant accounting judgements, estimates and assumptions

In the course of applying the policies outlined in all notes, the Company is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognized in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future period, if the revision affects current and future period.

(a) Judgements

In the process of applying the Company's accounting policies, management has made the following judgements, which have the most significant effect on the amounts recognized in the financial statements:

(b) Estimates and assumptions

The key assumptions concerning the future and other key sources of estimation uncertainty at the reporting date, that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year, are described below. The Company based its assumptions and estimates on parameters available when the standalone financial statements were prepared. Existing circumstances and assumptions about future developments, however, may change due to market changes or circumstances arising that are beyond the control of the Company. Such changes are reflected in the assumptions when they occur.

(i) Cost to complete

The Company's management estimate the cost to complete for each project for the purpose of revenue recognition and recognition of anticipated losses of the projects, if any. In the process of calculating the cost to complete, Management conducts regular and systematic reviews of actual results and future projections with comparison against budget. The process requires monitoring controls including financial and operational controls and identifying major risks facing the Company and developing and implementing initiative to manage those risks. The Company's Management is confident that the costs to complete the project are fairly estimated.

(ii) Impairment of investments in subsidiaries and joint- ventures

Determining whether the investments in subsidiaries, joint ventures and associates are impaired requires an estimate in the value in use of investments. In considering the value in use, the Directors have anticipated the future market conditions and other parameters that affect the operations of these entities.

(iii) Provisions and liabilities

Provisions and liabilities are recognized in the period when it becomes probable that there will be a future outflow of funds resulting from past operations or events that can reasonably be estimated. The timing of recognition requires application of judgement to existing facts and circumstances which may be subject to change. The amounts are determined by discounting the expected future cash flows at a pre-tax rate that reflects current market assessments of the time value of money and the risks specific to the liability.

(iv) Contingencies

In the normal course of business, contingent liabilities may arise from litigation and other claims against the Company. Potential liabilities that are possible but not probable of crystallizing or are very difficult to quantify reliably are treated as contingent liabilities. Such liabilities are disclosed in the notes but are not recognized.

(v) Fair value measurements:

When the fair values of financial assets or financial liabilities recorded or disclosed in the financial statements cannot be measured based on quoted prices in active markets, their fair value is measured using valuation techniques including multiples and the Discounted Cash flow (DCF model). The inputs to these models are taken from observable markets where possible, but where this is not feasible, a degree of judgment is required in establishing fair values. Judgements include consideration of inputs such as liquidity risk, credit risk and volatility.

(vi) Taxes

Deferred tax assets are recognized for unused tax losses to the extent that it is probable that taxable profit will be available against which the losses can be utilized. Significant management judgement is required to determine the amount of deferred tax assets that can be recognized, based upon the likely timing and the level of future taxable profits together with future tax planning strategies.

(vii) Impairment of non-financial assets

The Company assesses at each reporting date whether there is an indication that an asset may be impaired. If an indication exists, or when the annual impairment testing of the asset is required, the Company estimates the asset's recoverable amount. An asset's recoverable amount is the higher of an asset's or CGU's fair value less costs of disposal and its value in use. It is determined for an individual asset, unless the asset does not generate cash inflows that are largely independent of those from the other assets or group of assets. When the carrying amount of an asset or CGU exceeds it recoverable amount, the asset is considered as impaired and it's written down to its recoverable amount.

1.3.1. Standard Issue but not effective:

The amendments to standard that are issued, but not yet effective, up to the date of issuance of the company's financial statement are disclosed below. The company intend to adopt these standards if applicable, when they become effective.

The ministry of corporates affaires (MCA) has issued the companies (Indian accounting standards) Amendments rules, 2017 and companies (Indian accounting standards) Amendments rules, 2018 amending the following standard:

(i) Issue of Ind AS 115 – Revenue from contract from customers

Ind AS 115 was notified on 28 March 2018 and stabilities a five-step model to account for revenue arising from contracts with customers. Under Ind AS 115, revenue is recognized at an amount that reflects the consideration to which an entity to be entitled exchange for transferring goods or services to a customer.

The new revenue standard will supersede all current revenue recognition requirements under Ind AS. Either a full stretrospective application or modified retrospective application is required for annual periods beginning on after 1

April 2018, the company will adopt the new standard on the requirement effective date using the modified retrospective method. The company has established an implementation team implement Ind AS 115 related to the recognition of revenue from contract with customer and continued to evaluate the charges to accounting system and process and additional discloser requirements that may be necessary. A reliable estimate of the quantitative impact of Ind AS 115 on the financial statement will only be possible once the implementation project has been completed.

(ii) Amendments to exiting issued Ind AS

The MCA has also carried out amendments of the following accounting standards:

Ind AS 21 – The effects of changes in foreign exchange rates.

Ind AS 12 – Income Tax

Ind AS 28 – Investment associated and joint venture and

Ind AS 112 –Disclosure of Interest in other entities.

Application of above standards are not expected to have any significant impact on the Companies Financial Statements.

Note “2”

Property Plant & Equipment under Non Current Assets

Particulars

Gross Block

As at April 1, 2017 1,134,770 19,211,830 56,707,235 2,349,462 1,211,559 1,154,324 260,298 130,052 82,159,530

Additions - - - - 3,140,075 - 13,701 - 3,153,776

Sale/Transfer - - - - - - - - -

As at March 31, 2018 1,134,770 19,211,830 56,707,235 2,349,462 4,351,634 1,154,324 273,999 130,052 85,313,306

Additions - - 2,877,500 - - 46,102 258,471 - 3,182,073

Sale/Transfer

As at March 31, 2019 1,134,770 19,211,830 59,584,735 2,349,462 4,351,634 1,200,426 532,470 130,052 88,495,379

Accumulated Depreciation

As at April 1, 2017 - 12,323,399 54,975,838 2,349,462 290,206 1,135,455 248,241 130,052 71,452,653

Depreciation for the year - 802,950 151,330 - 390,031 8,337 11,745 - 1,364,393

Sale/Transfer

As at March 31, 2018 - 13,126,349 55,127,168 2,349,462 680,237 1,143,792 259,986 130,052 72,817,046

Depreciation for the year - 802,950 250,068 - 515,394 9,273 29,208 - 1,606,893

Sale/Transfer - - - - - - - - -

As at March 31, 2019 - 13,929,299 55,377,236 2,349,462 1,195,631 1,153,065 289,194 130,052 74,423,939

As at March 31, 2019 1,134,770 5,282,531 4,207,499 - 3,156,003 47,361 243,276 - 14,071,440

As at March 31, 2018 1,134,770 6,085,481 1,580,067 - 3,671,397 10,532 14,013 - 12,496,260

Freehold Land Buildings Plant and Equipment

Furniture & Fixtures

Vehicles - Cars Office equipment

Computer Borewell Total



Note ‘3’

Investment Property under Non Currents Assets

Investment in Immovable Property

Purchase from related party - Bholenath Developers Ltd.

Residential Flat 12,186,560 12,186,560

Residential Flat 12,186,560 12,186,560

Total 24,373,120 24,373,120

Note ‘4’

Investment under Non Currents Assets

Investment in Equity instruments(Unquoted - Non Trade - Development Credit Bank Ltd. 18,000 18,0001200 shares of Rs. 15 each valued at cost)

Total 18,000 18,000

Note ‘5’

Loans under Non Current Assets

Other loans and advances - Loan to unrelated party Unsecured, considered good 20,294,583 0

Total 20,294,583 0

Note ‘6’

Other Financial Asset-Non Current

Deposit with Actual Maturity of more then 12 months 964,801 1,089,913

Total 964,801 1,089,913

Note ‘7’

Other Non Current Assets

a. Security Deposits

Unsecured, considered good - Others 1,054,563 961,708

Total 1,054,563 961,708

Note ‘8’

Inventories under Current Assets

a. Raw Materials and components 18,826,664 9,551,727

b. Work-in-progress 7,034,115 5,490,354

c. Finished goods 4,886,326 7,133,820 [for method of valuation refer Note no. 1 (g)]

Total 30,747,105 22,175,901

Note ‘9’

Trade Receivables under Current Assets

Trade receivables outstanding for a period less than six months from the date they are due for payment.

Unsecured, considered good 24,559,729 15,851,116

Trade receivables outstanding for a period exceeding six months from the date they are due for payment.

Unsecured, considered good 208,952 57,800

Total 24,768,681 15,908,916

(Amount in `)

2018-2019 2017-2018


Note ‘10’Cash and cash equivalents under Current Assets

a. Balances with banks 6,994,985 4,591,242

b. Other Bank deposits 5,939,851 4,860,528

c. Cash on hand 247,714 379,900

Total 13,182,550 9,831,670

Note ‘11’Fixed Deposit with Banks

Deposit with original maturity of more then 3 months 274,400 260,104 but less then 12 months

Total 274,400 260,104

Note ‘12’Other Financial Asset-Current

Interest Accrued on Fixed Deposit 10,205 38,259

Total 10,205 38,259

Note ‘13’Other Current Assets

a. Others

Unsecured, considered good

Staff Loans & Advance 141,829 244,272

Loans & Advances 2,400,000 23,500,000

Interest Receivable 258,510 4,821,905

Security Deposits

Unsecured, considered good - Related party 1,200,000 1,200,000 - Bholenath Developers Ltd - Rent Deposit

Balances with GST & State Authorities 703,446 50,583

Prepaid Expenses 134,541 183,827

Advances to Suppliers 257,053 693,174

Total 5,095,379 30,693,761

Note ‘14’Equity Share Capital

Share Capital 2018-2019 2017-2018 Number Amount Number Amount

Authorised :Equity Shares of Rs.10 each 5,000,000 50,000,000 5,000,000 50,000,000

IssuedEquity Shares of Rs. 10 each 3,311,490 33,114,900 3,311,490 33,114,900

Subscribed & Paid upEquity Shares of Rs. 10 each fully paid 3,311,490 33,114,900 3,311,490 33,114,900

Subscribed but not fully Paid up

Calls unpaid - (126,500) - (126,500)

Total 3,311,490 32,988,400 3,311,490 32,988,400

Calls in arrears:- The amount lying in unpaid call account is not traceable. Details of number of shares against the amount of calls in arrears, are not available. The Company has no records of Shares remain uncalled from a particular shareholder. The Company also have no details whether calls are pending from Directors, Officers, related concern or Outside public shareholders.

(Amount in `)

2018-2019 2017-2018


The Company has single class of equity shares. Each equity shareholder is eligible for one vote per share held. In the event of liquidation, the equity shareholders are eligible to receive the remaining net assets of the company, in proportion to their shareholding.

Reconciliation of the number of shares outstanding at the beginning and at the end of the reporting period

Particulars 2018-19 2017-18 Number Amount Number Amount

Shares outstanding at the beginning of the year 3,311,490 32,988,400 3,311,490 32,988,400

Shares Issued during the year - - - -

Shares bought back during the year - - - -

Shares outstanding at the end of the year 3,311,490 32,988,400 3,311,490 32,988,400

Shares in the company held by each shareholder holding more than 5 percent shares

Particulars 2018-19 2017-18 No. of Shares Held % of Holding No. of Shares Held % of Holding

M/s. Bholenath Developers Limited 490,560 14.81% 490,560 14.81%

Shri Vinod Chandru Chawla 338,480 10.22% 338,480 10.22%

Shri Mahender Bhojwani 700,000 21.14% 700,000 21.14%

Total 1,529,040 1,529,040

Note ‘15’Other Equity

Particulars Other Equity Total Equity

Reserves & Surplus Other Attributable to Capital General Retained Comprehensive Equity Holders of Reserves Reserves Reserves Income Company

Balance as of April 1, 2017 2,000,000 183,014 54,737,309 56,920,323

Profit/(Loss) for the period - 6,871,346 - 6,871,346

Balance as of March 31, 2018 2,000,000 183,014 61,608,655 - 63,791,669

Profit/(Loss) for the period - - 4,571,336 (254,492) 4,316,844

Balance as of March 31,2019 2,000,000 183,014 66,179,991 (254,492) 68,108,513

Note ‘16’Financial liability - Borrowings under Non Current Liabilities

Secured

From Bank 277,181 1,185,175 Term Loan - Secured against Car

Total 277,181 1,185,175

Note ‘17’Provisions under Non Current Liabilities

(a) Provision for employee benefits

Gratuity (unfunded) 1,825,878 1,864,890

Total 1,825,878 1,864,890

Note ‘18’Financial liability - Borrowings under Current Liabilities

Secured

Bank

Term Loan - Secured against Car 907,995 830,985

Total 907,995 830,985

(Amount in `)

2018-2019 2017-2018


Note ‘19’

Trade Payable

Trade payable to related parties - -

Trade payable to MSME 13,306,654 9,654,204

Trade payable to Others 11,616,812 9,647,707

Retention Money - -

Total 24,923,466 19,301,911

Note ‘20’

Other Current Liabilities

(a) Advance from Debtors 3,048,289 1,166,033

(b) Other payables : -

(i) Statutory obligation & Other Liabilities 4,225,457 1,134,276

Total 7,273,746 2,300,309

Note ‘21’

Current Tax Liabilities (Net) under Current Liabilities

(a) Others

Provision for Income Tax (net) 823,317 55,630

Total 826,317 55,630

Note ‘22’

Revenue from Operations

Sale of Products 179,900,064 132,628,526

Sale of Services - Labour Charges - -

Other operating revenues - Scrap Sales 902,773 231,258 (all are inclusive of indirect taxes)

Total 180,802,837 132,859,784

Note ‘23’

Other Income

Interest Income : -

Interest on Bank Fixed Deposits 348,909 331,410

Interest on Deposit 12,748 -

Interest on LC 67,097 -

Dividend Income - 600

Unclaimed Credit 29,500 -

Interest from Loans under Non Current Assets -Note 5 287,233 2,384,110

Total 745,487 2,716,120

Note ‘24’

Cost of Materials Consumed

Opening Stock 9,551,727 5,352,703

Add : - Purchases 115,789,031 83,777,271

Less : - Closing Stock (18,826,664) (9,551,727)

Cost of material consumed 106,514,094 79,578,247

(Amount in `)

2018-2019 2017-2018


Note ‘25’

Changes in Inventories of finished goods and work-in-progress

Inventories at the end of the year

Work-in-Process 7,034,115 5,490,354

Finished Goods 4,886,326 7,133,820

Inventories at the beginning of the year

Work-in-Process (5,490,354) (2,151,105)

Finished Goods (7,133,820) (6,153,930)

Net Increase / (Decrease) (703,733) 4,319,139

Note ‘26’

Employee Benefits Expense

(a) Salaries, Wages & Directors Remuneration 17,649,943 12,885,879

(b) Contributions to : - Provident fund & Other Funds 1,852,197 1,618,692

(c) Employees welfare expenses 600,324 243,702

Total 20,102,464 14,748,273

Note ‘27’

Finance costs

Interest on Car loan 144,976 144,379

Total 144,976 144,379

Note ‘28’

Other expenses

Consumption of stores and spare parts. 791.645 753,685

Power 1.726.080 1,428,890

Office Rent 1.200.000 1,245,000

Society Maint. Chg. & Various Expenses 400,000 - Repairs to buildings 589,412 500,000

Repairs to machinery 488,683 833,988

Rent Rates and taxes, excluding, taxes on income 258,442 150,000

Transport Inward 2,354,514 720,411

Payments to the auditors 210,000 59,350

Other Manufacturing expenses [Refer Note 28.1] 1,016,664 97,654

Administrative expenses [Refer Note 28.1] 2,360,670 1,668,331

Interest Income of Earlier Period Written off 1,500,000 -

Selling expenses [Refer Note 28.1] 2,530,620 4,632,705

Total 15,426,730 12,090,014

Note: Details of Payment to Auditors

Statutory Audit Fees 160,000 -

For Tax Audit 50,000 -

Reimbursements/Out of Pocket Expenses - -

Others - 59,350

Total 210,000 59,350

(Amount in `)

2018-2019 2017-2018

Note ‘28.1’

Details of Other Manufacturing, Administrative & Selling Expenses

Other Manufacturing ExpensesExcise duty on finished goods - (683,770)Factory Expenses & License fees 5,225 30,949Inspection Fees & Expenses 609,822 421,361Laboratory & Testing Charges 372,915 303,353Factory Insurance 26,702 25,761

Total of Other Manufacturing Expenses 1,016,664 97,654

Other Administrative expenses

Printing & Stationery & Courier Charges 385,524 376,298

Telephone Expenses 38,696 42,881

Professional Fees 585,082 326,220

Legal Fees 200,000 -

Subscription & Registration 33,346 46,995

General Expenses 221,636 173,857

Computer Expenses, Website & Software Expenses 46,773 42,819

Evoting, ROC filing, Listing, Licence & appeal fees 346,211 369,364

ISO Audit expenses 143,258 -

Office Expenses & Electricity charges 307,485 195,612

Repairs & Maintenance - other 10,900 20,820

Bank Charges 41,759 4,951

Interest on Late Payment / TDS and GST - 4,196

Service Tax Reverse charge Interest & SBC paid - 64,318

Total of Other Administrative Expenses 2,360,670 1,668,331

Other Selling expenses

Transport Outward 1,287,453 2,197,848

Travelling & Conveyance 422,865 257,459

Commission 219,811 155,279

Advertisement Expenses 108,133 64,262

Tender Expenses - 6,666

Motor Car Expenses 369,204 178,609

Sundry Balances W/off 93,675 295,317

L.D. Expenses 29,479 -

Bad Debts - 1,477,265

Total of Other Selling Expenses 2,530,620 4,632,705

Note ‘29’

Other notes to Accounts

1. a) Contingent liabilities and commitments (to the extent not provided for)

(i) Contingent Liabilities

(a) Claims against the company not acknowledged as debt

(i) Income Tax demand in dispute 0 0

(ii) Sales Tax Demand 0 0

(b) Guarantees given to parties

(i) for supply order 964,801 491,635

964,801 491,635

b) There is no commitments made by the Company


(Amount in `)

2018-2019 2017-2018


2. Earning per Share (EPS)

Net Profit after tax 4,571,336 6,871,346

Profit attributable to Equity Shareholder 4,571,336 6,871,346

Number of Equity Shares (Weighted Avg. Basis) 3,311,490 3,311,490

Basic and diluted EPS 1.38 2.08

EPS Excluding Exceptional Items 1.38 2.08

Nominal value of shares 10.00 10.00

3 . Related party disclosures, as required by Ind AS-24 Related Parties Disclosures" issued by the institute of Chartered Accountants of India are given below:

A. Related parties and their relationship.

i) Related parties:

Bholenath Developers Ltd : Mr. Anil L. Sajnani- Director Mr. Ashish L. Sajnani- Director

OPA Hospitality Pvt. Ltd. : Mr. Anil L. Sajnani- Director Mr. Ashish L. Sajnani- Director

Basant Rubber Factory Pvt. Ltd. : Mr. Anil L. Sajnani- Director

Mitha Estates Pvt. Ltd. : Mr. Anil L. Sajnani- Director

ii) Key Management Personnel

Mr. Manoj B. Jeswani - Whole Time Director

Mr. Anil L. Sajnani - Whole Time Director

Mrs. Bhavna M. Jeswani - Whole Time Director

Mr. Yash Vachhani - Independent Director

Mrs. Madhu Sanjay Totlani - Intependent Director

Mrs. Mehak Hira Vachhani - Intependent Director

B. Details of Transactions.

ii) Key Management Personnel

Mr. Manoj B. Jeswani

Remuneration 3,900,000 3,300,000

Contribution to P.F. 468,000 396,000

Loan Taken & Repaid - -

Mr. Anil L. Sajnani

Remuneration 1,453,333 -

Contribution to P.F. - -


Mrs. Bhavna M. Jeswani

Remuneration 1,090,000 -

Contribution to P.F. - -


Bholenath Developers Ltd. Advance paid against Investment in Residential flat - - Investment in Immovable Property - Residential flat 24,373,120 24,373,120 Office Premises Rent Deposit 1,200,000 1,200,000 Lease Rent Paid 1,200,000 1,245,000

4. Lease:

Office premises is on rental basis and risks & rewards of ownership are retained by the lessor. The Rent is charged to

(Amount in `)

2018-2019 2017-2018


profit and loss account. The office premises is on rental basis as a leave and licence agreement is short term in natrure, therefore no further disclosures have been made.

5. Segment Reporting:

Segament Reporting as required by AS-108 is not applicable as the company operates in one single primary business segament i.e. Steel Wire Ropes Manufacturing.

6. MSME Creditors

Total Outstanding Dues of Micro & Small Enterprises 13,306,654 9,654,204

Total outstanding dues of creditors other then micro 11,616,812 9,647,707 & small enterprises

Total 24,923,466 19,301,911

7. Gratuity and Other Post-emplyement benefit plans

The Company operates a defined benefit plan, viz., gratuity for its employees. Under the gratuity plan, every employee who has completed at least five years of service gets a gratuity on departure @ 15 days of last drawn salary for each completed year of service. The scheme is Un-funded

The following tables summarise the components of net benefit expenses recognised in the statement of profit and loss and the funded status and amounts recognized in the balance sheet for gratuity.

Statement of profit and loss Net employee benefits expense recognised in profit or loss:

Current service cost 144,156 -

Net interest cost 157,958 -

Past service cost - -

Net benefits expense 302,114 -

Net actuarial (gain)/ loss recognised in Other comprehensive income for the year:

Actuarial (gain) /loss on obligations - -

Return on plan assets, excluding interest income - -

Net (Income)/Expense for the year recognized in OCI - -

Balance sheet

Benefits liability

Present value of defined benefit obligation (1,825,879) -

Fair value of plan assets - -

Plan liability (1,825,879)

Changes in the present value of the defined benefit obligation are as follows:

Opening defined benefit obligation 1,864,890.00 -

Interest cost 144,156.00 -

Current service cost 157,958 -

Past service cost - -

Liability transferred in/acquisition - -

Benefits paid (115,200) -

Liability transferred out - -

Actuarial (gains)/losses on obligations - -

Due to change in demographics assumptions - -

Due to change in financial assumptions - -

Due to experience (225,925) -

Closing defined benefit obligation 1,825,879 -

(Amount in `)

2018-2019 2017-2018


Changes in the fair value of plan assets are as follows:

Opening fair value of plan assets - -

Interest Income - -

Contribution by employer - -

Assets transferred in/acquisition - -

Benefits paid - -

Actuarial gains - -

Closing fair value of plan assets - -

Current & non-current bifurcation of provision for gratuity as per actuarial valuation is as follows:

Current - -

Non-current 1,825,878 -

Total 1,825,878 -

The major categories of plan assets as a percentage of the fair value of total plan assets are as follows:

Investment with insurer 0% 0%

The principal assumptions used in determining gratuity for the Company's plans are shown below:

Discount rate 7.77% 0%

Expected rate of return on plan assets N.A. N.A.

Employee turnover 2.00% 0%

Salary escalation 6% 0%

Mortality rate during employment Indian assured lives N.A. mortality (2006-08)

Mortality rate after employment N.A. N.A

The average expected future service as at 31 March 2019 is 28.09 years

The estimates of future salary increases, considered in actuarial valuation, takes account of inflation, seniority, promotion and other relevant factors, such as supply and demand in the employment market.

A quantitative sensitivity analysis for significant assumption as at 31 March 2019 is as shown below:

Sensitivity analysis

Projected benefit obligation on current assumptions 1,825,879 -

Delta effect of +1% change in rate of discounting (133,995) -

Delta effect of -1% change in rate of discounting 154,074 -

Delta effect of +1% change in rate of salary increase 155,264 -

Delta effect of -1% change in rate of salary increase (137,288) -

Delta effect of +1% change in rate of employee turnover 17,285 -

Delta effect of -1% change in rate of employee turnover (19,586) -

Usefulness and methodology adopted for sensitivity analysis:

Sensitivity analysis is an analysis which will give the movement in liability if the assumptions were not proved to be true on different count. This only signifies the change in the liability if the difference between assumed and the actual is not following the parameters of the sensitivity analysis.

Maturity analysis of projected benefit obligation from the Employer.

(Amount in `)

2018-2019 2017-2018


Projected benefits payable in future years from the date of reporting.

1st following year 268,734 -

2nd following year 46,086 -

3rd following year 49,765 -

4th following year 220,260 -

5th following year 180,030 -

Sum of years 6 to 10 680,950 -

Defined contribution plan

The Company has recognised expenses towards defined contribution plan as under

Contribution to provident and other funds 1,550,083 1,382,772

8. Figures of previous year have been regrouped where nesessory.







(Amount in `)

2018-2019 2017-2018


SHREE STEEL WIRE ROPES LTD.Registered office : Gat No. 183-184-185, K.I.D.C., VIllage - Dheku, Taluka - Khalapur, Dist-Raigad, Khopoli - 410 203.(MS)

Attendance Slip

th27 Annual General Meeting

Reg. Folio no._______________

I certify that I am registered shareholder/Proxy for the registered shareholder of the company. I hereby record

my presence at the Twenty Seventh Annual General Meeting of the Company at Registered Office :-

Gat No. 183-184-185, K.I.D.C., Village - Dheku, Taluka - Khalapur, Dist-Raigad, Khopoli - 410 203.(MS) on th30 September, 2019 at 3-00 pm.

Member’s / Proxy Name

in Block Letters

Note : Please fill that attendance slip and hand it over at the ENTERANCE OF THE HALL

(Tear Here)

SHREE STEEL WIRE ROPES LTD.Registered office : Gat No. 183-184-185, K.I.D.C., Village - Dheku, Taluka - Khalapur, Dist-Raigad, Khopoli - 410 203.(MS)

Form of Proxy

I/we_______________________________________________________________________________________

of________________________________________ in the District of_____________________________________

being a member/members of the above-named company hereby appoint__________________________________

_______________________ of _________________________ in the district of____________________________

or falling him______________________________ of ____________________________________ in the District of

th________________________ as my/our proxy to vote for me/us on my-behalf at the 27 Annual General Meeting

of the Company to be held on the and at any adjournment thereof.

Signed this

Signature day 2019

Reg. Folio No.

Note : This form in order to be effective should be duly stamped, completed and signed and must be deposited at the registered of the Company, not less than 48 hours before the meeting.

Affix

Re.1/-

Revenue

Stamp

Registered Office:Gat No. 183-184-185, K.I.D.C.,Village Dheku. Taluka- Khalapur,Dist.- Raigad, Khopoli - 410 203.

Tel.: (02912) 263547

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